Which of the following is true about scarcity? Select the two (2) correct answers.

All people and organizations, including the government, can be affected by scarcity.

When goods and resources are scarce, individuals and organizations must make choices.

Scarcity exists when consumers no longer show interest in certain products or resources.

Scarcity usually only affects individuals, as businesses and the government are always able to meet their needs.

What is a Free Market Economy

Government is minimally involved, more individual choice.

Central authority makes economic decisions.

Economic decisions are based on custom and tradition.

Government is the owner and decision maker of the public sector.

What is a Command Market Economy

Central authority makes economic decisions.

Economic decisions are based on custom and tradition.

Government is minimally involved, more individual choice.

Government is the owner and decision maker of the public sector.

What is a Traditional Market Economy

Economic decisions are based on customs and culture.

Central authority makes economic decisions.

Government is minimally involved, more individual choice.

Government is the owner and decision maker of the public sector.

Which of the following is true about a mixed economy? Select the two (2) correct answers.

The economic system of the United States.

Based on customs and traditions.

Central ownership of property and resources.

How are a mixed economy and a free market economy similar? Select the two (2) correct answers.

Private ownership of property and resources.

The government's role is less than in a command economy.

Economic decisions are based on custom.

People perform the same work as their parents and grandparents.

What is the last question for the 3 of The Basic Questions of Economics The Basic Questions of Economics 1.What will be produced? 2.How will it be produced? 3.???

How much will it cost to produce?

Unit 8 Test

Quiz

•

others

•

Practice Problem

•

Hard

Mervin Smith

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic term best describes the scenario above? A hurricane left the city without electricity for a week. Stores quickly ran out of water and food. The lack of water and food causes

Choice

Scarcity

Production

Competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are a farmer which of the following represents a capital resource?

Farmer

Tractor

Cow

Corn

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When Derrick decides between the football and the video game, he is making-

a choice.

a resource.

an incentive.

production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the opportunity cost

$25

$50

Football

Video game

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best title for the process shown in the diagram?

Choice

Scarcity

Production

Opportunity cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers using goods and services is an example of-

scarcity

incentives

production

consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Coal, Water, and Oil are know as what

Main resources

Capital resources

Human resources

Natural resources

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Unit 8 Test

20 questions

Which economic term best describes the scenario above? A hurricane left the city without electricity for a week. Stores quickly ran out of water and food. The lack of water and food causes

If you are a farmer which of the following represents a capital resource?

When Derrick decides between the football and the video game, he is making-

Which is the opportunity cost

What is the best title for the process shown in the diagram?

Consumers using goods and services is an example of-

Coal, Water, and Oil are know as what

Which statement best completes the diagram below?

In the picture show, Gabe is the-

What is the best title for the list below?

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