Economics Quiz

When resources are limited, it is referred to as

• Economics
• Scarcity
• Surplus
• Demand

Government controls or dictates what is produced and other economic policy in this type of economy:

• Command Economy
• Traditional Economy
• Mixed Economy
• Market Economy (Free Enterprise)

Most nations practice a blending of command and market economies, resulting in a:

• Traditional Economy
• Mixed Economy
• Command Economy
• Free Enterprise (Market Economy)

Which characteristic of the United States Economy should result in better quality of goods and services at lower prices?

• Competition
• Profit
• Limited government
• Private property

The United States is a __________ economy.

• free market
• mixed
• traditional
• command

Name the characteristic. Individuals and businesses have the right to own land, a business, and other resources without the government taking it arbitrarily.

• free markets
• private property
• profit
• competition

This author proposed that individuals left on their own would work for their own self-interests, and that government should have little to do with national economic activity. 

• Adam Smith
• Adam West
• Adam Moore
• Adam Eve

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production

• Market Economy

• Profit

• Economics

Opportunity Cost is...

• What you gave up by making the choice you did.

• The price you pay to purchase a good at the store

• The average price of goods

The four factors of production.

• Machines, Money, Oil, Plastic

• money, big cars, money, diamond rings

• Natural Resources, Labor, Capital, Entrepreneurship