Unit 1 Econ

Question 1

Which of the following best describes the economy of the United States?

Accepted Answer

mixed, but more like a free market

Question 2

Which of the following is considered labor?

Accepted Answer

a teacher

Question 3

Which is an element of American free enterprise?

Accepted Answer

economic freedom

Question 4

Which of the following is NOT an economic indicator?

Accepted Answer

Employment

Question 5

Macroeconomics is the study of economic behaviors in small units- households, firms

Accepted Answer

False

Question 6

Human capital includes

Accepted Answer

the knowledge a taxi driver has of the city streets.

Question 7

Which of the following is characteristic of a centrally planned economy?

Accepted Answer

makes all economic decisions

Question 8

Scarcity refers to unlimited resources to meet unlimited wants.

Accepted Answer

False

Question 9

Who is responsible for paying for public goods?

Accepted Answer

Government through taxes

Question 10

Which of the following is considered land?

Accepted Answer

Lake George

Question 11

Which of the following might be a positive aspect of centrally planned economies?

Accepted Answer

low unemployment due to guaranteed jobs

Question 12

How can a business increase physical capital?

Accepted Answer

purchase new tools

Question 13

Traditional economies are usually small, close communities that avoid change and new technology.

Accepted Answer

True

Question 14

Externalities generate intended positive benefits for people other than those directly involved in consumption.

Accepted Answer

False

Question 15

How does a shortage differ from scarcity?

Accepted Answer

Shortages are temporary

Questions 15