Half Way Economics Review

Question 1

Machines increasingly replace workers in factories.

Accepted Answer

HOW (should it be produced)?

Question 2

The cost of a choice is the value of the next best alternative given up when a choice is made.

Accepted Answer

Opportunity Cost

Question 3

Protects free enterprise and freedom of choice by prohibiting states from taxing each other’s goods and services.

Accepted Answer

Market

Question 4

Its goal is to supply enough food, housing, and other basics to meet the needs of everyone in the country.

Accepted Answer

Command

Question 5

E-books become more popular than hardcover books.

Accepted Answer

WHAT (should be produced)?

Question 6

Allocates all resources according to the central plan.

Accepted Answer

Command

Question 7

It tries to use the nation's capital, labor, and natural resources in the most efficient way possible.

Accepted Answer

Command

Question 8

Medicare provides healthcare for senior citizens.

Accepted Answer

FOR WHOM (should it be produced)?

Question 9

A town’s decision to produce its own electricity via windfarms.

Accepted Answer

HOW (should it be produced)?

Question 10

"There is no such thing as a free lunch" means that...

Accepted Answer

It is impossible to get something for nothing

Question 11

Set prices and distribute goods and services.

Accepted Answer

Command

Question 12

Economy hurts those that are unable to compete, contributing to income inequality.

Accepted Answer

Market

Question 13

Goods go to those who are willing to pay the most for them.

Accepted Answer

FOR WHOM (should it be produced)?

Question 14

To protect the environment, a nation makes a law that states each family can only own one car.

Accepted Answer

FOR WHOM (should it be produced)?

Question 15

Functions under the laws of supply and demand.

Accepted Answer

Market

Question 16

Which of these IS NOT involved in economics?

Accepted Answer

Mutual Funds

Question 17

During WWII, many factories switched from producing household goods to military goods.

Accepted Answer

WHAT (should be produced)?

Question 18

Protects private property and limits government powers by protecting people from unreasonable searches and seizures.

Accepted Answer

Market

Question 19

Economics is...

Accepted Answer

The study of people and choices

Question 20

Universal Healthcare (Health care for all)

Accepted Answer

FOR WHOM (should it be produced)?

Question 21

This tension between unlimited wants and limited productive resources available for satisfying these wants.

Accepted Answer

Scarcity

Question 22

Protects the ownership of private property. And prohibits the state from taking away property without due pro

Accepted Answer

Market

Question 23

Creates a central economic plan. The five-year plan sets economic and societal goals for every sector and region

Accepted Answer

Command

Question 24

Competition drives the economy as it optimizes efficiency and innovation.

Accepted Answer

Market

Half Way Economics Review

Questions 24

Half Way Economics Review

Questions 24