Economics system

Economics system

Multiple Choice

A doctor is giving you a check up. Is this a good or service?

• good
• service

Multiple Choice

A taxi taking you to the airport is a good or a service?

• service
• good

Multiple Choice

Good or a service? Buying a pair of new shoes

• good
• service

Multiple Choice

When a government decides only people who have paid an annual fee will get certain services, such as firefighting services, which of the three economic questions does it answer?

• Is this a good way to allocate services?

• How should it be produced?

• Who should get the goods produced?

• Is it fair to deny services?

• What should be produced?

Multiple Choice

When a firm decides on the right mix of capital and labor to use, which of the three basic economic questions does it answer?

• Is this a good way to allocate services?

• How should it be produced?

• Who should get the goods produced?

• Is it fair to deny services?

• What should be produced?

Multiple Choice

An economic system answers three questions about goods and services. Which of the following option is NOT one of these questions?

• What to produce?

• Who receives the products?

• How to produce?

• Where to produce?

Multiple Choice

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Multiple Choice

Economic decisions are based on past customs and traditions in the Traditional economy.

• True

• False

Multiple Choice

In the command economic economic decisions are made by both firms and the government

• True

• False

Multiple Choice

A command economy gives people the motivation to work hard:

• True

• False

Multiple Choice

An economic system in which individuals and businesses make decisions about what to produce.

• Market economy

• Mixed economy

• Communism

• Command economy

Multiple Choice

A Market Economy is based on?

• Goods and Services

• Goods and Products

• Supply and Demand

• Service

Multiple Choice

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy