Economic Game

Who is primarity responsible for making economic decisions a market economy?

• The central government

• Big business

• Market regulators

• Individuals

Which statement best describes the difference between a market economy and a traditional economy?

• in a market economy, decisions are based on custom

• in a traditional economy, decisions are based on habit and custom

• in a traditional economy, decisions are based solely on supply and demand

• in a market economy, decisions are based on habit

What are the three different Economic System?

• Traditional Economic, Command Economic, Market Economic

• Command Economic, Traditional Economic, Government

• None of the above

What is meant by positive economy?

• Positive economics refers to ethnical precepts and norms of justice.

• Positive economics deals with subjective explanations of how the economy works

• Positive economics deals with objective explanations about the functioning of the economy

• None of the above

An economic model

• It is a simplication of reality

• It supposes the irrationality of individuals

• It uses a large number of variables

• All previous statements are correct

Economics, due to its empirical nature, uses

• The methods of induction and deduction

• Controlled experiments

• The idea that there is a perfect logical symmetry between the nature of explanations and predictions

A good in the economic sense is one that:

• It is inexhaustible

• it is not necessary to carry out an economic activity

• Satisfies a need

Who is considered father of the Economy?

• Jenofonte

• David Ricardo

• Adam Smith

• Alfred Marshall

• Carlos Marx

economics is a science

• Social

• Exact

• Numeric

• Administrative

The economy is born when it exists when there is a scarcity of resources

• True

• False