How would a free market economy be described?

An economy based on supply and demand with little or no government control

You have the choice to go to a concert or go on a date. You choose to go to the concert. What is your opportunity cost?

The chance to start building a new relationship

What does an economist mean by the term ‘land’?

All natural resources used to produce goods and services

All of the following are opportunity costs for a student who spends a semester abroad EXCEPT:

experiencing the culture of another country

Every decision involves trade offs because

everyone’s resources are limited

What countries have a Command Economy?

North Korea, Cuba, Soviet Union, China, Vietnam

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Economics Basics and Systems Quiz

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Questions 10

Answers

1
Which of the following are factors of production?
scarcity and shortages
capital and land
economics and business decisions
technology and productivity
2
How would a free market economy be described?
An economy in which decisions are made by the government.
An economy based on supply and demand with little or no government control
The international exchange of goods.
An economic system that is communist.
3
You have the choice to go to a concert or go on a date. You choose to go to the concert. What is your opportunity cost?
None of the above.
The money the concert ticket cost.
The chance to start building a new relationship
Seeing your favorite musician.
4
Who controls the economy in a command economy?
The government
Mr. Tauscher
The people
Business owners
5
What does an economist mean by the term ‘land’?
food crops grown on farmland as well as the farmland itself
All natural resources used to produce goods and services
farmland only
goods and services produced from the land
6
In a Traditional Economy:
All of the above.
Is based on free trade and individual choices.
The citizens have little individual freedom.
People do things the way they always have.
7
All of the following are opportunity costs for a student who spends a semester abroad EXCEPT:
eating all their favorite foods
experiencing the culture of another country
missing family activities at home
seeing friends from home daily
8
Every decision involves trade offs because
everyone’s resources are limited
everyone has to make decisions
some decisions are made for business, some for society
some people have more money than others
9
Which term is used to describe the study of how people make choices in a world where resources are limited?
Goods
Economics
Labor
Shortage
10
What countries have a Command Economy?
United States, Russia, Africa, Haiti
India, United Kingdom, Brazil
North Korea, Cuba, Soviet Union, China, Vietnam
Iceland, Sweden, France, Australia

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