SSEF 3&4 Review

Since the early 1980's, Turkey has made significant strides in moving away from government run businesses and toward privately run businesses. This shows that Turkey's economy has made a move in which direction?

• from market to command

• from command to market

• from traditional to command

• from market to traditional

In which kind of economy are prices determined by supply and demand and by government actions?

• mixed

• market

• command

• traditional

In the production of chocolate chip cookies, which represents the factor of capital?

• the worker who decorates the cookies

• the sugar used to bake the cookies

• the retailer who sells the cookies

• the oven used to bake the cookies

Because command economies have a high degree of government interaction, they are better suited to meet which economic goals?

• freedom and growth

• stability and equity

• efficiency and freedom

• growth and efficiency

What is the primary purpose of job specialization?

• regional self-sufficiency

• increased consumer income

• increased marginal utility

• increased efficiency and productivity

In what way does specialization increase productivity?

• Specialization reduces scarcity

• Specialization reduces the costs of production

• Specialization increases the demand for a product

• Specialized workers are generally more highly educated

In a market economy, a seller who wants sales and a profit must answer the following questions EXCEPT

• Will consumers want to buy our product?

• Will our products perform well against competition?

• Will consumers be legally required to buy our products?

• Will our products be affordable to a large enough market?

How does voluntary exchange promote economic progress?

• It makes individuals self-sufficient

• It discourages trade on the basis of comparative advantage

• It encourages businesses to lower costs by mass production

• Moves goods from those who highly value them to those who don't

In professional athletics leagues, championship rings are a scarce resource that only a select group of individuals are able to acquire each athletic season. In what way are championship rings allocated?

• by charity

• by lottery

• by contest

• by price

Kathy, Sue, and Christina own a bakery. Each day all three women spend hours baking cakes, decorating cakes, and packaging cakes. Which economic concept would help them become more efficient?

• Scarcity

• Productivity

• Specialization

• Interdependence