Economics Final Exam

What are the characteristics of a mixed economy?

• A. government is involved in the factor market
• B. private property exists
• C. Balances needs without freedom
• Both A and B

In a Centrally Planned Economy:

• Government owns all the factors of production
• Does not achieve equity
• No consumer sovereignty
• All of the above

Which Economist wrote the Wealth of Nations?

• Kanye West
• Benjamin Franklin
• Adam Smith
• John Adams

In a free market economy which situation does not occur:

• Participants are only households and not firms
• Needed because no one is self sufficient.
• Regulation by self interest and completion exists
• Voluntary exchanges take place in markets

The following are all economic goals except :

• Freedom
• Security and innovation
• Efficiency
• Growth and equity

The structure of methods & principles society uses to produce & distribute goods & services is:

• A factor payment
• A safety Net
• A profit
• An economic system

My Native American tribe uses buffalo skin for tepee, fur for blanket, meat for food & bone for tools

• Freedom
• Growth
• Efficiency
• Security

I went to a school that gave lessons in fixing cars. I wanted to be a mechanic since I was a kid.

• security
• equity
• stability
• freedom

My mom had surgery but we don’t have to pay a medical bill because she went to a government run hospital. She was also able got free prescriptions.

• equity
• security
• freedom
• efficiency

My restaurant has been busy lately. I had to hire more waiters & open a patio on the roof with more seats.

• growth
• security
• efficiency
• stability