Economic Questions Quiz

Which three economic questions must a nation answer when deciding how to use its limited resources?

• What goods and services should be produced?

• How should the goods and services be produced?

• For whom should the goods and services be produced?

What defines a nation's economic system?

• The way they answer the three economic questions

• The amount of resources they have

• The population size

• The level of technology

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

• What goods and services should be produced?

• How should the goods and services be produced?

• When should the goods and services be produced?

• For whom should the goods and services be produced?

Into how many broad categories have economists classified economic systems?

• Two

• Three

• Four

• Five

Which of the following is NOT one of the broad categories of economic systems classified by economists?

• Traditional Economies

• Market Economies

• Command Economies

• Mixed Economies

Which of the following is a broad category of economic systems classified by economists?

• Mixed Economies

• Traditional Economies

• Socialist Economies

• Capitalist Economies

In traditional economies, what factors determine the answers to the questions of what, how, and for whom to produce?

• Government policies

• Market demand

• Traditions and rituals

• Technological advancements

In traditional economies, what is the basis for the answers to economic questions?

• Scientific research

• Religious or cultural practices and ideals

• Political decisions

• Consumer preferences

In traditional economies, what is the characteristic of the 'what' aspect of production?

• High flexibility in production choices

• Little choice as to what to produce

• Driven by consumer demand

• Influenced by global markets

How is the 'how' aspect of production determined in traditional economies?

• By technological advancements

• By market competition

• By tradition, continuing what families have done for generations

• By government regulations