Econ Review 1

What type of economy do Most nations have today?

• command

• market

• mixed

• traditional

In what type of economy are government control and centralized planning important?

• command

• market

• mixed

• traditional

Which economic system is based on economic free will?

• command

• market

• mixed

• traditional

Which economic system would have subsistence farming, weaving, and simple trade?

• command

• market

• mixed

• traditional

Which term means ‘the amount produced in a country during a fiscal year’?

• capital

• goods

• gross domestic product

• gross production efficiency

Along with the cost of production, which determines the cost of goods?

• Capital and resources

• Customers and money

• supply and demand

• none of the above

What are taxes placed on imported goods?

• capital

• income

• production

• tariffs

Which term means ‘The quality of life that people can expect to live in a country’?

• standard of money

• standard of health

• standard of education

• standard of living

Which type of resources are fossil fuels, strategic minerals, and rare jewels?

• capital

• production

• huamn

• natural

What are the key economic questions?

• What

• Who

• How

• All of the above