Economic Decisions & Systems

Question 1

A country focuses on advanced technology & a skilled labor force, it answers which basic econ?

Accepted Answer

What to produce?, How to produce?, What needs to be satisfied?, Which wants to satisfy?

Question 2

The means through which goods and services are produced are called

Accepted Answer

spending opportunities, needs, economic resources, economic choices

Question 3

The basic economic problem is :

Accepted Answer

deciding what goods and services to produce., identifying the goods and services available to you, determining how to satisfy needs and wants, having unlimited wants & needs, limited economic resources

Question 4

Personal economic freedom is most limited in a_____

Accepted Answer

traditional economy, command economy, mixed economy, market economy

Question 5

In which of the following situations is demand MOST likely to be reduced?

Accepted Answer

prices for a popular product are reduced, all of the above reduce demand, customers find a good substitute for a product, Customers see many products to satisfy a need

Question 6

In a market economy, buying decisions are made by consumers

Accepted Answer

False, True

Question 7

Economic resources are sometimes referred to as

Accepted Answer

goods and services, traditional economy, capitalism, factors of production

Question 8

Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the

Accepted Answer

trade-off price, profit, market price, opportunity cost

Question 9

All of the following is a capital resource EXCEPT

Accepted Answer

factory, lumber, employees, pickup truck

Question 10

An important principal of the US economic system is:

Accepted Answer

the supply of oranges will remain unchanged, the demand for oranges will decrease, the price of oranges will increase, all of the above

Question 11

The quantity of a good or service that consumers are willing and able to buy is called

Accepted Answer

supply, an economic amount, demand, an economic want

Question 12

If heavy competition keeps product price low, businesses are motivated to sell the product.

Accepted Answer

False, True

Question 13

Consumers base their decisions on their own self-interest

Accepted Answer

freedom of choice, market economy, traditional economy, command economy

Economic Decisions & Systems

Questions 13

Economic Decisions & Systems

Questions 13