Economic Systems

Question 1

In which economic system are some resources owned by the private sector and some by the gov't?

Accepted Answer

Mixed

Question 2

What is the fundamental economic problem caused by unlimited human wants and limited resources?

Accepted Answer

Scarcity

Question 3

Price cielings tend to produce:

Accepted Answer

Shortages

Question 4

Which type of economic system does the U.S. have?

Accepted Answer

Mixed

Question 5

Federal laws prescribing a minimum wage are en example of which basic economic system?

Accepted Answer

Command

Question 6

What do all societies have in order to help them decide what to do with their limited resources

Accepted Answer

Economic System

Question 7

Native American reservations are an example of which basiic type of economic system?

Accepted Answer

Traidtional

Question 8

New York making is illegal to charge more than a certain amount of rent is an example of:

Accepted Answer

Price Ceiling

Question 9

Which is not an example of an economic good?

Accepted Answer

Seawater

Question 10

U.S. gov't making it illegal to sell pork productes for less than $3 per lb. is an example of:

Accepted Answer

Price Floor

Question 11

What factor of production do people with all of their efforts, abilities and skills fall into?

Accepted Answer

Labor

Question 12

In which economic system are the 3 ?'s answered by the private sector?

Accepted Answer

Market

Question 13

The product market which decide the price for which of the following?

Accepted Answer

Household computer

Question 14

Which is a free good?

Accepted Answer

Air

Question 15

In which economic system are the 3 basic ?'s answered by the government?

Accepted Answer

Command

Question 16

In which economic system are the 3 ?'s answered by the government?

Accepted Answer

Command

Question 17

Which way do goods, services, and resources flow on the circular flow model?

Accepted Answer

Counter-clockwise on the inner ring

Question 18

In which economic system are the 3 basic ?'s answered by custom, ritual, or habit?

Accepted Answer

Traditional

Question 19

Price floors tend to create:

Accepted Answer

Surpluses

Question 20

Private ownership and voluntary exchange are key components of which basic economic system?

Accepted Answer

Market

Question 21

Which way does money flow on the circular flow model?

Accepted Answer

Clockwise on outer ring

Question 22

Which is not one of the 3 basic economic systems?

Accepted Answer

Mixed

Question 23

Of the 3 basic economic systems, which does the U.S. most heavily favor?

Accepted Answer

Market

Question 24

Which factor of production do tools, equipment, machinery, and invested money fall into?

Accepted Answer

Capital

Question 25

The resource market would determine the market price for which of the following?

Accepted Answer

Computer that screenwriter uses to write movie scripts

Economic Systems

Questions 25

Economic Systems

Questions 25