The Game of Economics

Front

Which is not a feature common to all games? Outcomes, players, rules, winners

Back

winners

Front

Economics is about allocating resources to produce and distribute which of the following?

Back

Goods and services

Front

What is an example of an allocation decision?

Back

Coal is set aside to burn as heating fuel

Front

Which statement best describes an efficient outcome? A government program allocates food to the needy, A car is designed to waste as little fuel as possible, Consumers are given the widest range of choice possible, A company sets up retirement program for its employees

Back

A car is designed to waste as little fuel as possible

Front

What is NOT an economic goal?

Back

victory

Front

Why are players in the game of economics often in conflict with each other?

Back

People are often in conflict over what they want

Front

Which question must be answered in order to turn resources into products? Options: How should production be organized?, How will people find jobs?, How can security be achieved?, How are goods and services to be distributed?

Back

How should production be organized?

Front

Which best explains the result of people always wanting more no matter how much is produced?

Back

There is scarcity that cannot be eliminated

Front

A capitalist country has which economic system? Options: Planned economy, Socialist economy, Free-Market economy, Barter system

Back

Free-Market economy

Front

Which system best demonstrates the way consumers and producers influence each other in the free-market system? Options: The barter system, The command economy, The circular flow model, Assembly line

Back

The circular flow model