EPF - Chapter 1 - Economy

How many types of economies are there?

• 1

• 2

• 3

• 4

Natural Resources can be divided into the following.  Choose two answers.

• renewable resources

• factors of production

• non-reneable resources

What are the Factors of Production? Choose all that apply.

• Land

• Labor

• Capital goods

• Entrepreneurship

What forces individuals, businesses, and countries to ask the 3 economic questions?

• wants

• needs

• scarcity

• abundance of resources

The following are the reasons why it is impossible to produce everything everyone wants, but NOT _____.

• not enough time

• not enought resources

• not enough money

• not enough consumers

How can we determine what type of economic system?

• by who answers the basic economic questions

• by the actions of the government

The following are the 3 basic economic questions but NOT, _____.

• What to Produce?

• Why to Produce?

• How to Produce?

• For Whom to Produce?

Why do we have to make a choice between wants and needs?

• because of unlimited resources

• because of limited resources

The following are the roles of the government in a Mixed Economy, but does NOT _____.

• guide and promote economy

• oversee regulation

• oversee public goods

• fix price

Who owns production in a Mixed Economy?

• government

• private companies