Which of these countries is an accurate statement about mixed economies today?

There are more mixed economies in the world than any other kind.

Opportunity Cost refers to

the value of the next best alternative

Which of the following lists economic systems in order from least to most flexible?

command, socialism, free market

The study of economics involves

explaining how people deal with scarcity.

Which of the following is a feature of a command economy that distinguishes it from a socialist economy?

All production is manged by the government.

Which of these helps explain why mixed economies develop?

People become unhappy with aspects of their current economy.

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Unit 1 Test Review Econ

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Questions 17

Answers

1
Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or
political views
disability
income
status
2
The four factors of production are land, labor, capital, and
inflation
franchises
entrepreneurs
the government
3
Which of these countries is an accurate statement about mixed economies today?
Mixed economies exist mostly in nations with communist governments.
Most nations that had a mixed economy have evolved into command economies.
Very few economies today can be accurately described as “mixed.”
There are more mixed economies in the world than any other kind.
4
Opportunity Cost refers to
the dollar amount attached to a good or service.
the cost of loabor when production is expanded or changed.
the cost of not expanding production.
the value of the next best alternative
5
Consumers waiting in long lines for a new product is an example of
consumerism
consumer rights.
consumer responsibilities.
scarcity
6
Which of the following lists economic systems in order from least to most flexible?
free market, command, socialism
socialism, command, free market
command, socialism, free market
free market, socialism, command
7
The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as
voluntary exchange.
property rights.
competition
profit motive.
8
The study of economics involves
all of the above
explaining how incomes are earned and how jobs are created.
explaining how people deal with scarcity.
studying how things are made, bought, sold, and used.
9
Which of the following is a feature of a command economy that distinguishes it from a socialist economy?
Some degree of private ownership and activity is allowed.
All production is manged by the government.
All economic decisions are made by the free market.
All economic decisions are based on custom and habit.
10
Which of these helps explain why mixed economies develop?
People are seldom exposed to the ideas and technologies of other cultures
Government control of an economy leads to diversity of economic approaches
Government control of an economy tends to make a nation more prosperous
People become unhappy with aspects of their current economy.
11
What gives people and businesses the opportunity to make their own decisions?
free enterprise
command economy
profit motive
economic freedom
12
When a nation’s total output increases over time, the nation is experiencing
an expansion of the possibilities curve.
economic interdependence
economic growth.
a decrease in gross domestic product.
13
Which nation today is the most striking example of successful privatization?
Soviet Union
North Korea
Cuba
China
14
Which of the following is largely responsible for the growth of a free enterprise system?
market efficiency
Gross Domestic Product
profit motive
government
15
What motivates people to work, save, and invest?
government regulations
variety of goods
incentives
economic freedom
16
A nations wealth is made up of
all goods and services.
all tangible and intangible items.
all intangible items.
all tangible items.
17
Which of these countries has an economy most similar to that of the former Soviet Union?
Norway
North Korea
South Korea
Sweden

Unit 1 Test Review Econ Flashcards | StudBud