Econ Test 1 Study Guide

In a market economy, who answers the 3 Basic Economic Questions?

• The Government

• Producers (Sellers)

• Consumers (Buyers)

• Buyers and Sellers

In a mixed economy, who makes the nation's economic decisions?

• The Government

• Buyers, Sellers, and the Government

• Sellers (Producers)

• Buyers and Sellers

In a command economy, who makes the nation's economic decisions?

• Buyers

• Buyers & Sellers

• The Government

• Sellers

What do we call the study of economic behavior and decision-making when its focused on the whole economy?

• Microeconomics

• Macroeconomics

• Behavioral Economics

• Nanoeconomics

What is the term for the surplus that a business accumulates after all expenses are paid?

• Profit

• Net Revenue

• Gross Revenue

• Income

What two economic values are prioritized in command economies?

• Efficiency and Growth

• Security and Equity

• Freedom and Stability

• Freedom and Growth

Which of the following is an example of a capital resource?

• Tractor

• Social Worker

• Iron ore

• Teacher

Which of the following is an example of a human (labor) resource?

• Hammer

• Assistant Manager

• Petroleum (oil)

• Stethoscope

A consumer is

• the person who makes products

• the person who sells products

• the person who buys products

• the same as a seller

Which of the following nations uses/used a command economy?

• Nigeria

• Canada

• Soviet Union

• Singapore