Economic Decisions & Systems

Question 1

Economic resources are sometimes referred to as

Accepted Answer

capitalism, traditional economy, goods and services, factors of production

Question 2

All of the following is a capital resource EXCEPT

Accepted Answer

employees, lumber, factory, pickup truck

Question 3

An important principal of the US economic system is:

Accepted Answer

all of the above, the price of oranges will increase, the demand for oranges will decrease, the supply of oranges will remain unchanged

Question 4

Personal economic freedom is most limited in a_____

Accepted Answer

traditional economy, command economy, mixed economy, market economy

Question 5

A country focuses on advanced technology & a skilled labor force, it answers which basic econ?

Accepted Answer

What needs to be satisfied?, What to produce?, Which wants to satisfy?, How to produce?

Question 6

In a market economy, buying decisions are made by consumers

Accepted Answer

False, True

Question 7

Consumers base their decisions on their own self-interest

Accepted Answer

market economy, traditional economy, command economy, freedom of choice

Question 8

In which of the following situations is demand MOST likely to be reduced?

Accepted Answer

all of the above reduce demand, customers find a good substitute for a product, prices for a popular product are reduced, Customers see many products to satisfy a need

Question 9

Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the

Accepted Answer

trade-off price, market price, profit, opportunity cost

Question 10

The quantity of a good or service that consumers are willing and able to buy is called

Accepted Answer

demand, supply, an economic want, an economic amount

Question 11

The means through which goods and services are produced are called

Accepted Answer

economic choices, needs, spending opportunities, economic resources

Question 12

The basic economic problem is :

Accepted Answer

determining how to satisfy needs and wants, having unlimited wants & needs, limited economic resources, deciding what goods and services to produce., identifying the goods and services available to you

Question 13

If heavy competition keeps product price low, businesses are motivated to sell the product.

Accepted Answer

False, True

Economic Decisions & Systems

Questions 13

Economic Decisions & Systems

Questions 13