All of the following are ways in which the government affects the economy, except:

setting prices for airline flights

Instead of mowing a lawn for $15 or babysitting for $20, you watch TV. What's opportunity cost?

Something you could buy for $20

What does TINSTAAFL refer to?

There is a cost for everything.

Why is the American economy considered to be a "mixed" economy?

It is a market economy with government involvement.

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CGE Introduction to Economics Quiz

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Prepare for the Introduction to Economics Quiz. #economics #microeconomics #productionpossibilities #circularflow #marketstructures #economicsystems

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Questions 14

Answers

1
Economic freedom is strongest in which economic system?
mixed
command
traditional
market
2
All of the following are examples of nondurable goods except
swimming suits
aspirin
washing machines
cheeseburgers
3
The government makes most economic decisions in which economic system?
traditional
command
market
mixed
4
All of the following are ways in which the government affects the economy, except:
protecting the safety of workers
regulating the amount of pollution created by companies
setting prices for airline flights
ensuring the safety of food
5
Land, labor, capital, and entrepreneurship are
goods and services
natural resources
factors of production
economic systems
6
Which of the following is NOT one of the basic economic questions every society must answer?
For whom to produce?
What to produce?
Why to produce?
How to produce?
7
Instead of mowing a lawn for $15 or babysitting for $20, you watch TV. What's opportunity cost?
Something you could buy for $20
$20
$35
Something you could buy for $35
8
Unemployment is probably most likely in which economic system?
command
traditional
mixed
market
9
In the circular flow model, households sell the factors of production to businesses in the
resource market
product market
household market
labor market
10
Which of the following is the best example of capital found at a taxi company?
cab fares paid by customers
taxi driver
owner of the taxi company
taxi cab
11
What does TINSTAAFL refer to?
There are ways to shift the production possibilities curve.
Points inside the production possibilities curve are bad.
There is a cost for everything.
The circular flow model describes our economy well.
12
Which of the following is the best example of LAND?
Lambeau Field
silver
Mountain Dew
cotton towel
13
Which of the following would shift the production possibilities curve to the left?
better growing conditions
decreased productivity
more workers
faster computer technology
14
Why is the American economy considered to be a "mixed" economy?
It does not resemble any of the three main economic systems.
The economy is constantly going up or down.
It is halfway between traditional and market economies.
It is a market economy with government involvement.

CGE Introduction to Economics Quiz Flashcards | StudBud