Consumer Ed Economics Review

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

________ is the most basic or fundamental economic problem.

• Scarcity
• Labor
• Greed
• Capital

What type of economy do most countries in the world have?

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

Scarcity is when...

• there aren't enough resources for everyone

• one business tries to intimidate another

• a company is in danger of losing all of their money

• a company sells too much of its stock

It is the study of the nations economy as a whole.

• Microeconomics

• National economy

• National output

• Macroeconomics

It is the study of individuals and firms making economic decisions

• macroeconomics

• resources

• microeconomics

• opportunity cost

Fiscal Policy is controlled by...

• The Government

• The Federal Reserve System

• The states

• The Department of Commerce

Fiscal policy is defined as:

• the use of government taxing and spending to promote economic stability.

• the policy of laissez-faire.

• a set of government actions designed to increase unemployment over 5%.

• the use of government quotas to decrease GDP and unemployment.

Rising unemployment and inflation are forms of:

• economic expansion.

• economic instability.

• economic stability.

• economic growth.