Economics Quiz

What type of economic system does the United States have?

• Market

• Command

• Traditional

• Mixed

A tribe of Native Americans relied on hunting and farming for food. Each person had a specific job and would pass that job on to their children. Everyone divided work for the good of the community. Which economic system is described above?

• Market

• Command

• Traditional

• Mixed

In the former Soviet Union consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled all factories and made all economic decisions. What type of economic system did they live in?

• Market

• Command

• Traditional

• Mixed

Scarcity is best defined as...

• A large amount

• Not having anything

• Being rare or low in supply

• None of the above

Which of the following would be considered a natural resource?

• tractor

• waitress

• wood

• money

What is a service?

• Something that is produced or made

• The transferring of one item to a person in exchange for another item

• A task or activity that is performed (done) for you

• The collection of money to provide government support

A key obstacle which influences, and impacts people’s economic choices is

• unlimited resources.

• the scarcity problem.

• the abundance problem.

• All of the above

Economics is the study of how people, which includes countries and companies, make _______________ on buying, selling, using, and distributing things.

Waiter: Goods or Service?

• Goods
• Service

 Laptop computer: Goods or Service? 

• Goods
• Service