Which is one of the Three Basic Economic Questions?

How should these goods and services be produced?

What could happen if specialization never occurred?

Lower productivity and efficiency

Difference between socialism and communism (choose one)

Communism: Government makes the decisions, Socialism: People make the decisions

What is the order from left to right for the economic systems?

Traditional, Free Market, Mixed, Command

Advantages of a Centrally Planned Economy.

Can ensure basic needs are met for everyone

How do traditional markets usually pass down economic knowledge?

Through generations by oral traditions and teaching

Why would the government intervene in decision-making in a Mixed Economy?

To correct market failures and promote fairness

Why would markets exist?

To allow people to buy and sell goods and services

In a mixed economy, who owns most businesses?

Mostly private individuals with some government ownership

What is topic 2 about?

Free Enterprise and Other Economic Systems

In a free market system, how are incentives related to the principle of consumer sovereignty?

Incentives encourage producers to respond to consumers' preferences

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Econ12-Unit2-Lesage, Schroeder, Maturana

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Questions 20

Answers

1
Who are the participants in a free market economy?
Factor market or Product market
Dogs or cats
Households or firms
AI or Meta
2
Which is one of the Three Basic Economic Questions?
Why should these goods and services be produced?
When should these goods and services be produced?
Where should these good services be produced?
How should these goods and services be produced?
3
What could happen if specialization never occurred?
Higher product quality due to diverse skills
Increased economic growth
Lower productivity and efficiency
Faster innovation across all industries
4
One disadvantage of the free market.
Growth and innovation
Unequal distribution of wealth
Efficient response to changing marketplace conditions
Variety of goods and services
5
Difference between socialism and communism (choose one)
Communism: Government makes the decisions
Communism and Socialism are the same
Socialism: People make the decisions
Socialism: Government makes the decisions
6
What economic system is the United States?
Free
Central-planned
Mixed
Traditional
7
What is the order from left to right for the economic systems?
Central-planned, Mixed, Free, Traditional
Free Market, Traditional, Mixed, Command
Mixed, Central-planned, Traditional, Free
Traditional, Free Market, Mixed, Command
8
Who answers the Three Economic Questions in a Centrally Planned Economy?
Government
Consumers
Citizens
Producers
9
Advantages of a Centrally Planned Economy.
Can ensure basic needs are met for everyone
Consumers have unlimited choices
Encourages competition and innovation
Prices are set by supply and demand
10
Which is not an Economic Goal?
Economic Freedom
Economic Interest
Economic Efficiency
Economic Equity
11
Concentration of the productive efforts of individuals and businesses on a limited number of activities
Specialization
Efficiency
Entertainment
Productivity
12
How do traditional markets usually pass down economic knowledge?
Through online courses and digital platforms
Through formal schooling and textbooks
Through generations by oral traditions and teaching
Via government training programs
13
The study of economic behavior in a nation's whole economy.
Mocroeconomics
Macroeconomics
Mecroeconomics
Microeconomics
14
What is the exclusive right for an inventor to produce and sell a new product?
License
Written Permission
Work ethic
Patent
15
Why would the government intervene in decision-making in a Mixed Economy?
To eliminate private ownership
To set all prices and wages
To correct market failures and promote fairness
To stop all economic growth
16
Why would markets exist?
To ensure everyone earns the same income
To allow people to buy and sell goods and services
To stop all economic competition
To eliminate the need for money
17
In a mixed economy, who owns most businesses?
Foreign countries own all businesses
Consumers directly own all businesses
The government owns all businesses
Mostly private individuals with some government ownership
18
What is topic 2 about?
Competition and Market Structures
Fundamentals of Economics
Demand, Supply, and Prices
Free Enterprise and Other Economic Systems
19
In a free market system, how are incentives related to the principle of consumer sovereignty?
Incentives force consumers to buy specific products
Incentives allow the government to control consumer choices
Incentives prevent competition among businesses
Incentives encourage producers to respond to consumers' preferences
20
If the economy is shrinking, would you be more or less likely to quit a job you don’t like?
No difference
More likely to quit
Definitely quit immediately
Less likely to quit

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