Economics Quiz

What Goods and Services Should Be Produced?

• Only things that are needed

• Only things that are wanted

• A combination of things, Needs and wants.

Who Consumes the Goods and Services That Are Produced?

• The population/people

• The animals

• Only the most important people in a society.

In the United States, transactions like the purchasing tickets, groceries, and other items help determine what goods and services are produced, how they are produced, and who consumes them. Describe how these transactions affect the economy?

• They don't affect the economy at all.

• The move the economy from a fundamental stand point.

• These transactions change supple and demand.

In recent years, many retailers have turned to the Internet to sell their goods and services. Describe how might the use of the Internet help achieve the economic goal of efficiency?

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What determines the economic system of a society?

• The way it addresses the fundamental economic problems

• The choices it makes about who gets to consume goods and services

• The resources it employs to manufacture goods and services

• The compromises it makes to produce goods and services

Which economic principle is demonstrated by the ability of individuals to establish and operate their own businesses?

• Efficiency

• Freedom

• Security

• Equity