Ch. 2 / Ch. 3 Quiz

What are the three fundamental economic questions every society must answer?

• Who to produce for, when to produce, and how to produce?

• What to produce, how to produce, and for whom to produce?

• What to produce, how to produce, and when to produce?

• How to produce, when to produce, and where to produce?

Why can't societies produce everything their people might want?

• Because resources are limited

• Because societies don't have the technology

• Because resources are unlimited

• Because people don't want everything

Which of the following is an example of economic freedom?

• Individuals choosing to buy or sell property

• Equal distribution of goods to everyone

• The government setting prices for all goods

• The government providing free healthcare

What does economic efficiency aim to achieve?

• High levels of government intervention

• Maximum waste of resources

• Equal distribution of wealth

• Full employment and minimal waste

What is economic equity concerned with?

• The freedom to make economic decisions

• The rapid growth of an economy

• The fair and just distribution of a society's wealth

• The stability of prices over time

What does economic security aim to provide?

• Support for those who cannot provide for themselves

• Equal distribution of all goods

• Rapid technological innovation

• High levels of economic freedom

What is the main concern of economic equity?

• The freedom to make economic choices

• The rapid production of goods

• The fair distribution of wealth

• The stability of the economy

Which of the following is an example of distribution according to need?

• A soup kitchen providing meals to the homeless

• Concert tickets sold on a first come, first served basis

• Luxury cars sold to the highest bidder

• Equal distribution of all goods

What is an economic system?

• The way a society coordinates the production and consumption of goods and services

• A market where only traditional goods are sold

• A system for enforcing government policies

• A set of laws that regulate trade only

Which three basic types of economic systems does history show?

• Traditional, Command, and Market

• Capitalism, Socialism, and Communism

• Free trade, Protectionist, and Mixed

• Industrial, Postindustrial, and Information