Economics - 1b

An economic product that is tangible is called

• capital

• a service

• a good

• a factor of production

A command Economy has

• consumer sovereignty

• very little government intervention

• a high level of government intervention

• a hands off philosophy

The economic system that is most common in today's society is

• market

• command

• traditional

• mixed

The economic concepts of scarcity is best described as

• the inability to distribute goods to consumers

• unlimited wants and limited resources

• all economic goods are made from resources

• efficiency needed to create revenue

In which economics system are the answers to the 3 basic questions answered by the past?

• market

• command

• traditional

• mixed

The concept of laissez-faire (no government involvement) best supports which type of economy?

• market

• command

• traditional

• mixed

Which of the following best explains why every society must find ways to answer the 3 basic questions?

• It helps the government to make plans for the future

• The law requires it

• There is not enough of everything to go around

• People n businesses need that information

Which of the following would be an economic good?

• pizza

• car wash

• a visit to the doctor

• pizza delivery

Which of the following is NOT one of the basic economic choices that people in all societies must make?

• what things are produced

• what should be done with resources

• who will receive the goods and services produced

• how should things be produced

• the interdependency of suppliers and demanders

Human efforts used to produce economic goods are known as

• capital

• labor

• efficiency