Economics Final Exam Fall 24 Q2

Front

The three basic economic questions are based on which of the following? When, who, how much, When, how much, what, How much, what time, how many, What, how, and who

Back

What, how, and who

Front

Cookies and cakes is the answer to which economic question(s)?

Back

What to produce

Front

The fact that limited amounts of goods and services are available to meet unlimited wants is called ______

Back

Scarcity

Front

Identify the potential factor of production shown in this photo: Capital, Land, Labor, Entrepreneur.

Back

Land

Front

To save money, Taylor decided not to go to a concert where her favorite musician was performing. What was the opportunity cost of that decision?

Back

having fun at the concert

Front

If you are producing 20 million tons of watermelons, how many millions of pairs of shoes can you efficiently produce?

Back

5 million pairs of shoes

Front

In this type of economic system, the government answers the three basic economic questions.

Back

Command/Planned Economy

Front

True/False: In communism, the government owns and controls the land, labor, and capital.

Back

True

Front

According to the image, Singapore has more economic freedom than Mexico.

Back

True

Front

Your family decides to make a monthly grocery budget. This is an example of an economic decision that falls into which category of economics?

Back

Microeconomics