ACADEC ECON Quiz #1.1

The United States operates under the _____ Economic System in which consumers decide what will be produced with their "dollar votes"

• Traditional

• Command

• Market

• Mixed

In a ____________Economic System government and individuals play important roles with regard to production and consumption. Neither government nor individuals have complete control.

• Traditional

• Command

• Market

• Mixed

The _____ Economic System is the oldest and simplest. It's based on "what has always benn"

• Traditional

• Command

• Market

• Mixed

Which of the following is a role of an entrepreneur?

• Strategist

• Innovator

• Risk Taker

• All of the Above

The Invisible Hand Theory states that

•  people respond to incentives in unpredictable ways.

• people put the needs of others before their own

• people put their own needs before the needs of others.

• people do not respond to incentives

_____ is considered to be the fathers of economics and is responsible for the Invisible Hand Theory

• John Adams

• Adam Smith

• Samuel Adams

• John Smith

Originating in the ancient world, the ____________ Economic System puts the power in the hands of an authoritarian ruler like a king, pharaoh, emperor, or dictator

• Traditional

• Command

• Market

• Mixed

Which of the following is NOT one of the three questions of Economics?

• What good or service is to be produced?

• How is the good or service to be produced?

• or whom is the good or service to be made?

• Who is responsible for producing the good or service?

Which of the following is NOT a factor of production?

• Land

• Capital

• Price

• Labor

John is trying to decide if going to college will be worth his time. In weighing the pros and cons, he is doing a

• Tradeoff

• Variable

• Cost-Benefit Analysis

• Graph Evaluation