Economics Unit 1 - Paternostro

What is economics?

• The study of money
• The study of how people choose to use limited resources
• The study of governments and citizens
• The study of the past

Which of the following is NOT one of the three questions of economics?

• What to produce?
• How to produce?
• For whom to produce?
• When to produce?

What is scarcity?

• The study of how people choose to use limited resources
• The problem of unlimited wants and limited resources
• The problem of limited wants and unlimited resources
• The problem of having too few options

What is the value of the next-best alternative when you make a trade-off?

• Fruit snacks
• Opportunity Cost
• Scarcity
• Second-Best

In which economic system to businesses alone answer the three economic questions?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

In which economic system does the government alone answer the three economic questions?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

In which economic system does the government alone answer the three economic questions?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

In which economic system do both businesses and the government answer the three economic questions?

• Command Economy
• Market Economy
• Mixed Economy
• Traditional Economy

Microeconomics is a branch of economics that examines the whole economy and its aggregates.

• True

• False

• Maybe

• I don't know

This is the biggest PRO of the Command Economy

• Everything is cheaper

• No competition

• Innovation excels

• Safety Line