Front

Scarcity is an economic problem with which all societies are faced. True or False?

Back

True

Front

Opportunity cost refers to

Back

the value of the next best alternative.

Front

How are economic transactions shaped in a traditional economy?

Back

Elders and ancestors make certain that things are done in specific ways.

Front

Which of the following lists economic systems in order from least to most flexible? command, socialism, free market, free market, socialism, command, socialism, command, free market, free market, command, socialism

Back

command, socialism, free market

Front

How is the principle of “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?

Back

Socialist economies tend to offer extensive government services but have high tax rates.

Front

Who did Karl Marx believe would be the beneficiaries of socialism?

Back

workers

Front

The country that has the highest per capita income and is a capitalist system is

Back

Singapore

Front

One of the characteristics of a capitalist free enterprise economy is

Back

voluntary exchange

Front

Who is said to have “sovereignty” over a free market?

Back

consumers

Front

A general rise in the level of prices over time is known as

Back

inflation