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Economy vs. Government Flashcards | StudBud

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Economy vs. Government

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Review quiz to help 7th grade students understand the difference between economies and governments.

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Questions 10

Answers

1
The invisible hand is the concept that
Producers meet society's needs by acting on self interest.
Businesses will fail
The government controls everything.
Business is evil
2
What is an opportunity cost?
The other option you didn't choose
The services produced in an economy
A unit of economic measurement.
A way of measuring GDP
3
What type of economy is most efficient at handling the flow of goods and services?
Mixed economy
Command economy
Free market economy
Traditional economy
4
Why do economies exist?
Because resources are not infinite (ie. there is scarcity).
So that we can decide on our political leaders.
To make money.
To enforce the rule of law.
5
The image depicts a:
Supply and demand graph
Feedback loop
Employment Graph
Circular economic flow
6
A dictatorship
Gives citizens lots of power.
Holds free elections.
Tries to control government operations.
Has rule of law.
7
In a free market economy, what decides which goods and services are produced?
Businesses
Government
Banks
Consumer preference
8
The type of economy a country has is determined by the degree of
government involvement.
goods produced.
capital goods invested in.
taxes levied.
9
"Rule of law" means that a government will
Declare martial law.
Enforce the Constitution
Make new laws.
Exchange currency.
10
A set of legal/political institutions that regulate relationships among members of a society is
A government
A foundation
A congress
An economy