An advantage of a market economy is

competition self-regulates the market

A disadvantage of a traditional economy is

lack of technological advancements

Which of the following is an advantage of a mixed economy?

focus on social welfare and political freedom

A disadvantage of a command economy is

often insufficient resource distribution

Which of the following is a disadvantage of a mixed economy?

government intervention can hinder progress

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Econ Unit 1

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opportunity costs, scarcity, economic systems, resources

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Questions 15

Answers

1
An advantage of a market economy is
the government limits what business can do
competition self-regulates the market
wealth is equally distributed to all
clearly defined roles in society
2
Which of the following is not a form of resource allocation?
lottery
opportunity cost
need-based
rationing
3
The core concept of economics is
opportunity costs
capitalism
scarcity
allocation
4
A disadvantage of a traditional economy is
too much reliance on technology
lack of technological advancements
occasional market failure
government has too much power
5
Which of the following is an advantage of a mixed economy?
focus on social welfare and political freedom
little friction among members due to lack of competition
equal wealth distribution
well established roles in society
6
A disadvantage of a market economy is
occasional market failures
lack of technology
lack of individual freedoms
over-regulation by government
7
Which of the following is not a factor of production?
capital
labor
scarcity
land
8
Command economies are controlled by
a central authority
individuals
businesses
the private sector
9
Karl Marx was the founder of
the free market
communism
socialism
capitalism
10
A disadvantage of a command economy is
businesses have too much power
too much individual freedom
lack of a central authority
often insufficient resource distribution
11
Which of the following is not a fundamental question of economics?
How to produce it
How to market what is produced
Who to produce it for
What to produce
12
An advantage of a command economy is
individual freedom
clearly defined roles
competition for businesses
equal wealth distribution
13
An advantage of a traditional economy is
government regulation
people have individual freedoms
roles are well defined
equality for all in the society
14
Which of the following is a disadvantage of a mixed economy?
lack of technology
government intervention can hinder progress
shortages in resources
lack of individual freedoms
15
College admissions is an example of what form of resource allocation?
achievement based
first come, first serve
need based
lottery

Econ Unit 1 Flashcards | StudBud