Economics Review

Which economic system is found in simple agricultural societies?

• traditional
• market
• Command

Is this shelter a want or a need?

• Want
• Need

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods should be produced ?
• What is the price of the goods? 
• How should the goods be produced? 
• Who gets to consume the goods? 

________ is the most basic economic problem.

• Scarcity
• Labor
• Capital

Opportunity Cost is best defined as

• The best rejected alternative you give up when making a decision 
• The price you pay to purchase something 
• The benefit you gain by making a decision 

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.

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

You give up one thing to have more of another in _________________.

• a trade off
• an opportunity
• production
• scarcity

The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?

• the satisfaction of destroying our enemies
• the money used to fund the military
•  money to spend on education
• better paid soldiers

A _______ is an example of labor.

• printing press
• machine on an assembly line
• waitress
• cow