EPF Unit 2

What is the primary focus of EPF Unit 2 in Social Studies?

• Economic systems

• Political ideologies

• Cultural diversity

• Environmental issues

Which of the following is a key concept in EPF Unit 2 related to economic systems?

• Supply and demand

• Photosynthesis

• Plate tectonics

• Quantum mechanics

In the context of EPF Unit 2, what does the term 'market economy' refer to?

• An economy controlled by the government

• An economy based on supply and demand

• An economy with no currency

• An economy focused on agriculture

Which economic system is characterized by government ownership of resources, as discussed in EPF Unit 2?

• Capitalism

• Socialism

• Feudalism

• Anarchism

What role do consumers play in a market economy, according to EPF Unit 2?

• They set prices

• They determine demand

• They produce goods

• They regulate trade

EPF Unit 2 discusses the concept of 'opportunity cost.' What does this term mean?

• The cost of the next best alternative foregone

• The total cost of all alternatives

• The cost of production

• The cost of living

Which of the following is an example of a mixed economy, as explained in EPF Unit 2?

• North Korea

• United States

• Cuba

• Saudi Arabia

What is a characteristic of a command economy, according to EPF Unit 2?

• Private ownership of businesses

• Government control of resources

• Free market competition

• Decentralized decision-making

In EPF Unit 2, what is the significance of 'scarcity' in economics?

• Unlimited resources

• Limited resources

• Abundant resources

• Infinite resources

Which concept in EPF Unit 2 explains the relationship between price and quantity supplied?

• Law of demand

• Law of supply

• Law of gravity

• Law of motion