Economics Final

What is one basic question of economics?

• What will be produced?

• What resources are available?

• What is the opportunity cost?

• Who acquires what goods and services?

What is a characteristic of a market economy?

• lack of choice

• competition

• individual choice

• central ownership of property

Which type of economy bases its decisions on custom?

• Market

• Command

• Mixed

• Traditional

Which type of economy is controlled by the government?

• Command

• Market

• Mixed

• Traditional

Which type of economy is run by businesses and business owners?

• Command

• Mixed

• Market

• Traditional

This economy would most likely have a dictator

• Mixed

• Socialism

• Capitalism

• Communism

Which type of economy involves trading, and doesn't usually involve money?

• Command

• Mixed

• Market

• Traditional

Under a command system, who owns the factors of production?

• Consumers

• Government

• Elders

• Businesses

If I produce meat, but the government has to check to make sure I can put the product on the market, what type of economy is this?

• Command

• Market

• Mixed

• Traditional

What is the fundamental problem of economics?

• How to keep consumers out of debt?

• How to figure out the way to make the most money?

• How to fulfill our unlimited wants and needs with limited resources?

• How do we ensure all people get a college education?