Economics - Foundations Review

Which answer describes the fact that human wants are unlimited and resources are scarce?

• Economic Growth

• Economic freedom

• What, How, and For Whom?

• The fundamdental economic problem

In a free-enterprise system (capitalism) which of the following decides What will be produced?

• Consumers

• Entrepreneurs

• Government

• Price

In a command which of the following decides What will be produced?

• Consumers

• Entrepreneurs

• Government

• Price

In a free-enterprise system (capitalism) which of the following decides How goods and services will be produced?

• Consumers

• Entrepreneurs

• Government

• Price

In a command which of the following decides How goods and services will be produced?

• Consumers

• Entrepreneurs

• Government

• Price

The production possibilities curve (frontier) helps us to identify which of the following? Select all that apply.

• Total productive capacity (Full employment)

• Opportunity cost

• Price

• What, How, and For Whom

Which of the following is NOT a characteristic of a free-enterprise system (capitalism)?

• Economic Freedom

• Voluntary Exchange

• Economic Security

• Private Property Rights

Which of the following economic and social goals are a weakness in a free-enterprise system (capitalism)? Check all that apply.

• Economic Freedom

• Economic Security

• Economic Equity

• Economic Growth

Which of the following economic and social goals are a weakness in a command system? Check all that apply.

• Economic Freedom

• Economic Security

• Economic Equity

• Economic Growth

Which of these economic terms describes the choice we DID NOT make?

• Trade-offs

• Opportunity Cost

• Scarcity

• Choices