The concept of the invisible hand refers to which of the following?

Individuals seeking their own self-interests

The Federal Reserve adjusting interest rates

A mixed economy allocates resources through

supply, demand, and government intervention.

How are public goods and public assistance programs paid for in the United States?

Tax revenue collected from consumers and producers

Income earned from the sale of stocks

In a mixed economy, which of the following would most likely be considered a role of the government?

To control the use of productive resources

To ensure the wants and needs of all consumers are met

Congress moved to pass a new antitrust law. Which answer best describes what Congress is doing?

Promoting competition in the market

Discouraging negative externalities

Congress passed a new law that taxing car producers based on the amount of pollutants their plants released into the atmosphere. This new law is an example of which role of government?

Discouraging negative externalities

Promoting competition in the market

Of the choices below, which role would the United States government least likely play?

A central planner dictating to businesses what products to make

A regulator preserving competition in the market

A consumer of goods and services

A protector from negative externalities

Why do centrally planned economies face problems of poor-quality goods, shortages, and unhappy citizens?

Their citizens have little incentive to work hard and the government has a hard time predicting preferences.

Since everyone gets paid the same they are all happy and work as hard as they can.

The government is very good at predicting what people want and ensuring that they have enough resources.

This is false, citizens in centrally planned economies are extremely happy and have an abundance of goods to buy.

A tin-mining company is found guilty of polluting a river. Which one of the following government measures would an economist describe as an appropriate market-based solution?

Increase tax on the company to pay for the pollution

Imposition of regulations and direct control on the company

A reduction of private property rights over the river

Nationalization of the tin-mining company

What is one reason that firefighter services are considered a public good?

Everyone in the community benefits from it.

Nobody in the community has to pay for it.

Private firms make a profit from producing it

Individual citizens pay directly for it.

Public goods are examples of market failure, because producing these goods in the free market

does not allow for the efficient distribution of resources.

shows that the free enterprise system cannot distribute resources.

helps entrepreneurs learn how to distribute public resources.

encourages private businesses to distribute resources efficiently.

Which of the following is an example of a negative externality resulting from an outdoor concert in the park?

A traffic jam occurs as drivers hunt for parking spots near the concert.

College students near by get to enjoy free entertainment

An elderly woman in her apartment hears a song that she liked as a child.

A pizza parlor stays open later and makes a bigger profit than most nights

Which of the following explains why a city fireworks display on the Fourth of July is provided as a public good?

Nonpayers cannot be prevented from seeing the fireworks.

Fireworks displays usually take place in a public area.

Fireworks are a scarce resource.

Each consumer pays a fee to see the fireworks.

Market failure occurs whenever

free markets fail to distribute resources efficiently.

goods fail to arrive at a market in a timely fashion.

government builds infrastructure.

voluntary exchange in a market fails to result in a sale.

If a student volunteers at a food pantry on Fridays after school, which of the following might be a negative externality?

The student's parents have to drive him or her to the food pantry.

The student might learn a new skill.

The student might make some new friends.

The student might decide to volunteer two days a week.

Use the image to answer the questions: Which of the following best describes the use of the private bridge by the public?

the efficient allocation of resources

Use the image to answer the question: What two qualities that work together to regulate the marketplace are present in this photo of two cellphone service providers?

efficiency and underutilization

What statement best explains why the government provides goods and services to its citizens?

To provide goods and services that would not be available if individuals had to provide them.

To provide benefits to small groups of people in certain areas of the country.

To compete with businesses in the private sector.

To make a large profit by providing certain goods and services to it's citizens.

Which of the following is an example of a positive externality resulting from an outdoor band concert?

An elderly woman in her apartment hears a song that she liked as a child.

A pair of endangered birds leave their nest in a nearby tree when the concert starts.

A pizza parlor closes early, because all of its customers are at the concert.

A traffic jam occurs as drivers hunt for parking spots near the concert.

Someone can deny access to a good

Everyone is able to access a good

Multiple people can use something at the same time

Only one person can use something at one time

Economics 1.2 Quiz

Authored by Jonathan Brown

Social Studies

10th Grade

DOK 1 covered

Used 105+ times

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44 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Freedom of choice and competition are most commonly associated with which type of economic system?

Command (Centrally Planned)

Market

Traditional

Mixed

Tags

DOK 1

Economic Systems

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government owns all the resources
and the government answers the three economic questions are two characterizations of what type of economy?

Command (Centrally Planned)

Free Market

Mixed Economy

Traditional

Tags

DOK 1

Economic Systems

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common role of government in a mixed economy?

Guarantee that all incomes are equal

Prevent regulators from interfering with markets

Provide public goods

Set production quotas

Tags

DOK 1

Economic Systems

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Select the three economic questions that must be answered to determine an economic system.

What goods and services should be produced?

How should these goods and services be produced?

Who consumes these goods and services?

Where are your goods and services produced?

Tags

DOK 1

Economic Systems

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The way in which a society answers the three basic economic questions determines its:

Market Structure

Political system

Marketing system

Economic system

Tags

DOK 1

Economic Systems

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Private ownership and voluntary exchange are characteristics of which type of economic system?

Command

Traditional

Market

Planned

Tags

DOK 1

Economic Systems

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term below is a command economy most commonly associated with?

Capitalism

Government regulation

Competition

Private property

Tags

DOK 1

Economic Systems

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Economics 1.2 Quiz

Freedom of choice and competition are most commonly associated with which type of economic system?

The government owns all the resourcesand the government answers the three economic questions are two characterizations of what type of economy?

Which of the following is a common role of government in a mixed economy?

Select the three economic questions that must be answered to determine an economic system.

The way in which a society answers the three basic economic questions determines its:

Private ownership and voluntary exchange are characteristics of which type of economic system?

Which term below is a command economy most commonly associated with?

The concept of the invisible hand refers to which of the following?

A mixed economy allocates resources through

Which of the following is a common role of government in a market economy?

Access all questions and much more by creating a free account

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The government owns all the resources
and the government answers the three economic questions are two characterizations of what type of economy?