Economic Systems

Question 1

Which of the following is an example of technology use as a factor of production?

Accepted Answer

Typewriter to Wordprocessor

Question 2

What kind of economic system does the United States have?

Accepted Answer

Mix

Question 3

Resources that produce goods and services are called what?

Accepted Answer

Factors of Production

Question 4

What does laissez-faire mean in terms of economic systems?

Accepted Answer

Hands off

Question 5

What are the three basic questions of economic systems?

Accepted Answer

What? How? For Whom?

Question 6

Chose a Factor of Production

Accepted Answer

Land, Labor, Technology

Question 7

Which of the following is not a characteristic of the American Economy?

Accepted Answer

Price Matching

Question 8

True or False - Communist countries like North Korea and Cuba are examples of mixed economies.

Accepted Answer

False

Question 9

What helps determine something’s value?

Accepted Answer

Scarcity

Question 10

1. Economics can be defined as ___________.

Accepted Answer

Science of Choice

Question 11

What is the name of the man that created the idea of Communism?

Accepted Answer

Karl Marx

Question 12

Which of the following is an example of a tradeoff?

Accepted Answer

All of these

Question 13

Where would you find an example of a Traditional Economy?

Accepted Answer

Remote village in Africa

Question 14

Capital __________ productivity in producing goods and services.

Accepted Answer

Increases

Question 15

What is a major disadvantage in a Command system?

Accepted Answer

No incentive to work hard

Question 16

Which of the following would be considered microeconomics?

Accepted Answer

Study of an individual consumer grocery shopping

Question 17

Which of the following items would be considered a need?

Accepted Answer

Food

Question 18

A can of soup is an example of a ___

Accepted Answer

non durable good

Question 19

Who answers the 3 basic questions of economic systems in a Traditional system?

Accepted Answer

The Traditions and Customs

Question 20

A system in which government owns and controls some, but not all, resources is called?

Accepted Answer

Socialism

Question 21

Which factor of production is considered “gifts of nature” by economists?

Accepted Answer

Land

Question 22

A car is an example of a

Accepted Answer

Durable Good

Question 23

Adam Smith believed that the general welfare of society is best promoted how?

Accepted Answer

Allowing individuals to pursue their self interest

Question 24

Which country would be an example of using a Command system?

Accepted Answer

North Korea

Question 25

Term that describes not having enough time and resources to satisfy their unlimited wants?

Accepted Answer

Scarcity

Economic Systems

Questions 25

Economic Systems

Questions 25