Economics Final Exam Review

What are the four main factors of production?

• Land, labor, capital, and entrepreneurship

• Land, labor, management, and work

• Education, capital, labor, and fun

• Entrepreneurship, labor, money, and capital

What concept represents unlimited wants and limited resources and is the basis of Economics?

• Equity

• Management

• Free Market

• Scarcity

What is the goal of every economic society?

• Economic efficiency

• Management

• Free market

• Scarcity

A free market structure is often based around which of the following concepts?

• Private property and slavery

• Equal taxation for all

• Private property and voluntary exchange

• Voluntary exchange and open elections

Which type of economic structure provides some government intervention but also allows for some individual freedom?

• Free Market

• Mixed

• Command

• Traditional

What is the main incentive for those entering into a free market structure?

• Scarcity

• Creation

• Equity

• Profit

Private property is incredibly important to which type of economic system?

• Traditional

• Command

• Mixed

• Free Market

If an economy uses taxes in order to fund public goods, what type of economy would this be?

• Free Market

• Mixed

• Command

• Traditional

Which economic philosopher was the first to advocate for a purely free market system?

• Karl Marx

• Adam Smith

• Kanye West

• Kanye East

What is the Law of Demand?

• Price and supply move in the same direction

• Price and quantity demanded move in the same direction

• Price and quantity demanded have an inverse relationship

• Price and supply have an inverse relationship