Economics Review

Question 1

Which of the following uses and allocation system based on achievement?

Accepted Answer

college admissions

Question 2

When goods and services are available for consumption and are determined by voluntary exchange.

Accepted Answer

market economy

Question 3

Why is the market an effective method to allocate scarce goods, services and resources?

Accepted Answer

Because prices are determined by supply and demand

Question 4

Which type of economic system is characterized by high economic growth?

Accepted Answer

market economy

Question 5

Allowing the government to pay for health care answers

Accepted Answer

How something is produced?

Question 6

_____exists if we desire more of something than we actually have.

Accepted Answer

Scarcity

Question 7

Large expenditures for keeping terminally ill patients alive a few more days answers

Accepted Answer

What should be produced

Question 8

The law of demand is the tendency for the price and the quantity demanded to ____?

Accepted Answer

move in opposite directions

Question 9

The 4 types of resources along with anything created from these resources & used to make goods.

Accepted Answer

inputs

Question 10

What type of economy is characterized by low efficiency?

Accepted Answer

traditional economy

Question 11

The following is description of a command economy.

Accepted Answer

Production&Distribution decision are made by the government.

Question 12

The 3 basic economic questions are:

Accepted Answer

What's produced,for whom is it produced,& how's it produced?

Question 13

An incentive for the traditional economy is

Accepted Answer

social acceptance

Question 14

The value of the next best alternative.

Accepted Answer

opportunity cost

Question 15

When the price of a good rises, the law of demand states that_______

Accepted Answer

the consumer will buy less due to the substitution effect

Question 16

The ___causes consumers to switch to other goods&reduce the Qd of a good whose P has increased.

Accepted Answer

substitution effect

Question 17

The study of choice under conditions of scarcity.

Accepted Answer

Economics

Question 18

Citizens ( general assemblies) &councils of workers&consumers, are the main decision makers.

Accepted Answer

socialism

Question 19

The main reason the current system of kidney allocation is not working is

Accepted Answer

the inability to pay creates inadequate quantities supplied

Question 20

Exchanges of resources or goods for money take place voluntarily between parties

Accepted Answer

free enterprise

Questions 20