Economics Final Exam Part I (Spring 2024)

Which term below belongs in box A?

• consumer

• business

• foreign country

• government

Which term from below belongs in box B?

• consumer

• business

• foreign country

• government

Which term from below belongs in box C?

• consumer

• business

• foreign country

• government

What type of economy is this?

• command

• traditional

• market

• mixed

What takes place at the product market?

• bills are paid

• Buying and selling of goods and services
• taxes are collected

• Cooking recipes

What takes place at the factor market?

• money is exchanged for labor

• Distribution of profits
• Consumer transactions
• taxes are collected

What economic system has a great variety of goods and services?

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

In which economic system would an entrepreneur most likely have success?

• traditional economy

• market economy

• a variety of economies

• command economy

Choose the factors of production. (more than one answer)

• unemployment

• Land

• Labor

• Capital

Things we have to have to survive are called______________.

• needs

• luxuries
• extras
• wants