Economics Topic 2.1 - 4 Quiz

Question 1

Economic _____ means making the most of the resources a society has

Accepted Answer

Efficiency

Question 2

Letter H represents government ...

Accepted Answer

Expenditures

Question 3

In his book, Adam Smith described how the _________ functions

Accepted Answer

Free Market

Question 4

Letter G represents the ...

Accepted Answer

Government

Question 5

The struggle among producers for the dollars of consumers is called ...

Accepted Answer

Competiton

Question 6

Letter J represents government ...

Accepted Answer

Purchases

Question 7

An arrangement that allows buyers and sellers to exchange things

Accepted Answer

Market

Question 8

Letter C represents the ...

Accepted Answer

Factor Market

Question 9

Most modern economies are ________ : a combination of the other three types

Accepted Answer

Mixed

Question 10

Lack of government intervention in production leads to economic ________

Accepted Answer

Freedom

Question 11

Name of the phenomenon Adam Smith said regulated the marketplace

Accepted Answer

Invisble Hand

Question 12

Letter E represents ________ flow

Accepted Answer

Monetary Flow

Question 13

Finally, Adam Smith called for restriction of the government in the _________

Accepted Answer

Economy

Question 14

When consumers decide what gets produced, it is called consumer _________

Accepted Answer

Sovereignty

Question 15

The level of economic prosperity of a nation's economy

Accepted Answer

Standard of Living

Question 16

Letter B represents ...

Accepted Answer

Firms

Question 17

Income people receive for supplying the factors of production

Accepted Answer

Factor Payments

Question 18

The method used by society to produce and distribute goods and services

Accepted Answer

Economic System

Question 19

Letter F represents ________ flow

Accepted Answer

Physical Flow

Question 20

Concentration of productive efforts on a limited number of activities

Accepted Answer

Specialization

Question 21

Command economies are also known as ________ economies

Accepted Answer

Centrally Planned

Question 22

Innovation leads to economic ________ which leads to a higher standard of living

Accepted Answer

Growth

Question 23

Letter A represents ...

Accepted Answer

Households

Question 24

Smith says it is the _________ of every person that is the motivating force of the market

Accepted Answer

self interest

Question 25

In a ________ economy, decisions are made by individuals and are based on trade

Accepted Answer

Free Market

Question 26

Letter D represents the ...

Accepted Answer

Product Market

Question 27

Societies pursue other economic ________ such as environmental protection

Accepted Answer

Goals

Question 28

Economic ________ provides assurances that goods and services will be available

Accepted Answer

Security

Question 29

Adam Smith wrote "An inquiry into the nature and cause of the ... "

Accepted Answer

Wealth of Nations

Question 30

Letter I represents _____ paid to the government

Accepted Answer

Taxes

Question 31

Government programs that protect people experiencing poor economic conditions

Accepted Answer

Safety Net

Question 32

A ________ economy relies on custom, habit, or ritual to answer economic questions

Accepted Answer

Traditional

Question 33

A fair distribution of wealth means economic ________

Accepted Answer

Equity

Question 34

Policy which means "let them do (as they please)"

Accepted Answer

Laissez-faire

Question 35

Scottish social philosopher who wrote a book about economics in 1776

Accepted Answer

Adam Smith

Economics Topic 2.1 - 4 Quiz

Questions 35

Economics Topic 2.1 - 4 Quiz

Questions 35