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"Ka-Ching! Quiz: Making Cents of Economics!" 💰📊😂 Flashcards | StudBud
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"Ka-Ching! Quiz: Making Cents of Economics!" 💰📊😂
"Ka-Ching! Quiz: Making Cents of Economics!" 💰📊😂
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1
1️⃣ Question: What is the definition of scarcity?
A) Limited resources to meet unlimited wants
B) Unlimited resources to meet limited wants
D) A type of market competition
B) Unlimited resources to meet limited wants
2
Entrepreneurs take risks to create and manage businesses.
True
False
3
Which factor of production includes tools, equipment, and buildings?
Capital Resources
Entrepreneurial Resources
Natural Resources
Human Resources
4
In a command economy, the government makes most economic decisions.
True
False
5
What type of economy blends market and command features?
Socialist Economy
Mixed Economy
Free Market Economy
Traditional Economy
6
Scarcity means that resources are unlimited and can meet all human wants.
True
False
7
In a market economy, who makes the economic decisions?
Local communities
Consumers and businesses
A central economic council
The government
8
The law of supply and demand affects prices in a market economy.
True
False
9
What happens when demand is high, but supply is low?
Prices increase
Prices decrease
The economy slows down
The government intervenes
10
Which economic system is based on customs and traditions?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
11
What is the primary goal of an entrepreneur?
To take risks and create new businesses
To provide government regulations
To decrease competition
To control all economic resources
12
What is an example of a command economy?
Japan
North Korea
The United States
Canada
13
Which of the following is NOT a factor of production?
Capital Resources
Money
Human Resources
Natural Resources
14
What determines prices in a market economy?
Supply and demand
The government
Competition committees
Business owners only
15
A market economy is controlled entirely by the government.
True
False
