Gov Honors Economics Review

In economics, when you are faced with choices the option that you don't choose is referred to as this.

• Benefit

• Scarcity

• Opportunity Cost

• Loss

In economics, when faced with choices the option you choose is called this

• Benefit

• Scarcity

• Opportunity Cost

• Gain

Which of the following is NOT one of the three basic economic questions?

• What to produce?

• When to produce?

• How to produce?

• For whom to produce?

Which type of economy features the government holding all the decision making power?

• Market

• Command

• Mixed

• Traditional

Knowing that North Korea has an authoritarian type of government, what type of economy would you expect N. Korea to have?

• Market

• Command

• Mixed

• Traditional

What type of economy is orchestrated primarily based on what people want and what businesses know will sell (supply and demand)?

• Market

• Command

• Mixed

• Traditional

Countries sometimes switch to this type of economy during times of war in order to focus their country on the essential resources needed for war.

• Market

• Command

• Mixed

• Traditional

Making and selling products based on the way they have always been done for generations is a main feature of which type of economy?

• Market

• Command

• Mixed

• Traditional

Which of the 4 types of economic systems does the United States (and most modern countries) have?

• Market

• Command

• Mixed

• Traditional

Which of the following is a feature of the U.S. economy controlled by the government?

• Federal Minimum Wage laws

• Limiting employment opportunities

• Setting price freezes

• Assigning every citizen a particular job