Economics Study Guide

Question 1

Which economy uses habits of the past?

Accepted Answer

Traditional

Question 2

True or false, scarcity is the limited supply of goods.

Accepted Answer

True

Question 3

What are the three questions of Traditional, command, and Market economies?

Accepted Answer

Who to produce it to, How to produce it, And what to produce.

Question 4

Cuba is the most free country.

Accepted Answer

False

Question 5

What is demand?

Accepted Answer

The amount of goods people want.

Question 6

What is GDP?

Accepted Answer

The total value of all the goods and services produced in a country.

Question 7

What is a natural resource?

Accepted Answer

"gifts of nature"

Question 8

Capital goods are Not man made.

Accepted Answer

False

Question 9

A trade barrier is a mountain. Just a mountain.

Accepted Answer

False

Question 10

A producer is someone that produces things.

Accepted Answer

True

Question 11

What is Human capital?

Accepted Answer

People who work to make a profit.

Question 12

The government does NOT control command economies.

Accepted Answer

False

Question 13

What are the four factors of economic growth?

Accepted Answer

Human capital, capital goods, Natural resources, and Entrepreneurship

Question 14

Entrepreneurship is a person who gives away money for free.

Accepted Answer

False

Questions 14