What is the focus of microeconomics?

• Public roads and national defense

• National defense and education

• The economy as a whole

• Individuals and their decisions

What is the focus of macroeconomics?

• National defense and education

• Public roads and national defense

• The economy as a whole

• Individuals and their decisions

What are the three questions that guide the choice of an economic system?

• When, where, and for whom to produce

• When, where, and why to produce

• What, how, and for whom to produce

• What, how, and why to produce

Which type of good is both excludable and rival?

• Public goods

• Common goods

• Club goods

• Private goods

Which economic system relies on habit, custom, or ritual to guide the factors of production?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

In which economic system do consumers guide the factors of production?

• Market economy

• Command economy

• Mixed economy

• Traditional economy

What is the other name for a market economy?

• Mixed economy

• Capitalist economy

• Command economy

• Traditional economy

Which economic system is a combination of market-based elements and government involvement?

• Capitalist economy

• Mixed economy

• Command economy

• Traditional economy

What is the most common type of economy around the world?

• Command economy

• Traditional economy

• Mixed economy

• Market economy

What ultimately determines how much influence governments should have in an economy?

• Economic systems

• Social dynamics

• Values of the society

• Market-based elements