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Unit 1 Economic Systems Assessment

Authored by Karyn Vai

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Unit 1 Economic Systems Assessment
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10 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 10 pts

What are the roles of markets (places where goods & services are exchanged) and prices (how much those goods & services cost) in the U.S.economy? Select all that apply

Markets are where buyers and sellers meet to exchange goods and services. They help determine how resources are used.
Prices are set by the government, telling us how much demand there is for a product and how much of it is available.
Changes in price help balance out supply and demand, keeping the market in equilibrium.
Suppliers are the only driving force in setting the prices for goods and services

2.

FILL IN THE BLANK QUESTION

30 sec • 10 pts

What are three factors that affect economic health of a country?

3.

OPEN ENDED QUESTION

30 sec • Ungraded

Supply is how much of a product producers are willing to sell at different prices. Demand is how much of a product consumers are willing to buy at different prices. Please provide your understanding on supply & demand in your own words.

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4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What do we call the cost of the next best alternative foregone (what is given up) when making a decision?

Scarcity
Opportunity Cost
Economic Systems
Market Prices

5.

MULTIPLE SELECT QUESTION

30 sec • 10 pts

Which of the following is a reason businesses exist?

To reduce options for consumers to shop
To satisfy customers needs & wants
To create a monopoly
To minimize profits & maximize costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Globalization facilitates the flow of goods, services, capital, and labor across borders.

True
False

7.

FILL IN THE BLANK QUESTION

30 sec • 10 pts

What are basic features of the four different economic systems?

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