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Economics Basics
Economics Basics
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Answers
1
All
of the following are examples of resources
except
Natural Resources
Capital
Humans
Material Records
2
An economy in which communities use simple tools and hunt for food is
free market
command
traditional
mixed
3
What is defined as using goods and services
opportunity cost
production
scarcity
consumption
4
The price of a product is the amount of money exchanged for the good- what determines the price of the good
the distributer of the product
the store owner
the manufacturer of the product
the supply and demand for the item
5
In an economy that uses supply and demand what is the term for the amount of goods and services available to customers
Consumer
Supply
Demand
Exchange
6
The concept of "scarcity" forces people to
choose which wants and needs to satisfy with available resources
move to another area
alternate wants and needs with unavailable resources
allow resources to dictate needs only
7
Free markets rely heavily on
regulation
scarcity
public ownership of resources
competition
8
Which of the following is a disadvantage of a command economy
Factories do not compete against each other
citizens often have few individual rights
all of the above
consumer goods may be poorly made
9
Individuals must consider the ________ of what is given up in making a choice
Scarcity
Production
Consumption
Opportunity Cost
10
Competition is a driving factor in a market economy which usually results in all of the following
except
:
lower prices
better quality
fewer sales
greater choices
11
All of the following are characteristics of a command economy except:
No competition
Government controlled prices
No private ownership
Consumer choice
12
The guiding principle behind a free market economy is that
government will determine price of all consumer goods
monopolies are beneficial
consumers will determine what is produced
consumers have limited choice
13
A centrally (command) planned economy is characterized by
consumer sovereignty
government control of resources and production
reduced production during a recession
shared decisions between business and government
14
North Korea has a command economy
True
False
15
To determine what the factories and businesses will produce but have no consumer choice is what type of economy
free market
mixed economy
traditional
command
16
In a mixed economy, individuals and government:
share in the decision making process
compete for resources and customers
have limited contact
increase the amount of money in circulation
