Penultimate Economics QUIZZIZ

Which type of economic system would have the most government control dictating what you do for a living and how you can make money?

• Traditional economy

• Command economy

• Mixed economy

• Market economy

One advantage of a traditional economy is that

• its not as destructive to the environment.

• cheap public services are available to everyone from the government.

• innovation is rewarded.

• government makes sure the economy is always improving.

In a market economy, how is the decision made: "what to produce"?

• Businesses rely on the government to tell them what to produce.

• Businesses produce what the owners like to produce as a hobby.

• Businesses receive government funding to produce what the government wants produced.

• Businesses produces the goods the people want.

One advantage of a mixed economy is

• changes in performance of

  economy can happen quickly.

• its not as destructive to the environment.

• there is a large amount of individual freedom.

• everyone contributes towards

  the production of resources.

In a market economy, those who want to be wealthy _____________________ the economy.

• have no effect on

• help

• hurt

• are in charge of

Expense of what you have to give up when making a choice

• demand

• supply

• opportunity cost

• incentive

Factor that encourages people to behave in a certain way

• economics

• profit

• scarcity

• incentive

If Red Hen had grown her own wheat to make bread to sell for an income, what type of resource would we call that?

• Human resource

• Natural resource

• Capital resource

• Declared resource

At the beginning of the pandemic, there was a shortage of paper products because of panic buying. What did consumers' behaviors impact?

• the law of supply and demand

• command economy activation

• purchasing incentives

• opportunity costs

Goods that are received from another country are

• foreign

• imports

• exports

• revenue