When producing goods, the producer combines the factors of production,the best example for this is;

• Farm hand, farmer, tractor

• Forestry services, tree planters, shovel

• Fishing boats, ocean, fish

• Tar sands, migrant workers, rock trucks

In this economy, you sometimes have to wait longer to see a doctor because anyone can afford a doctor.

• Command

• Market

• Mixed

• Democrat

In this economy the government makes all the economic decisions

• Command

• Market

• Mixed

• Republican

Labour unions provide a voice for workers and collectives. Which statement reflects the viewpoint of a labour union?

• Unions make demands that are bad for the economy.

• Unions must seek government help and support when responding to workers issues

• Do not respect the workers

• Protect the worker and try to make everyone happy

Economic systems exist to manage the problem of

• Too many resources

• Too few resources (scarcity)

• People do not know what to do with their money

• Communism

Which value most supports a mixed economy:

• Independence

• Cooperation

• Free Spirit

• Control

Which economy would have the least amount of government spending?

• Mixed

• Command

• Socialism

• Market

What is the opposite of competition?

• Supply

• Demand

• Monopoly

• Equilibrium

If supply goes down and demand goes up then...

• Prices go down

• Prices stay the same

• Prices reach equilibrium

• Prices go up

What is the difference between “quality of life and standard of living?

• QL is reflected by your income whereas SL may by determined by the size of your home

• QL may be determined by the quality of health care provided in your community whereas SL may be determined by the income of your family.

• QL by the quality of air you breath and SL by the amount of recycling your family does.

• QL by the quality of social programs your have and SL by the number of social programs you have.