10 week economics quiz

A trade off is?

• A method to increase resources without limits.
• A situation where you gain everything you want.
• A compromise between two things.

• A process of eliminating all choices completely.

This is an example of what economic system?

• Market economy
• Traditional Economy

• Mixed economy
• Command Economy

North Korea is an example of what economic system?

• Market economy
• Mixed economy
• Command economy
• Traditional economy

What are the Factors of Production?

• Land, Labor, Capital, Entrepreneurship
• Goods, Services, Trade, Investment
• Resources, Skills, Technology, Management
• Wealth, Knowledge, Time, Innovation

What letter on the graph represent an under-utilization of resources?

• B,D and C

• X

• B and D

• A

What Letter represents a situation where you need more resources or is impossible to reach?

• X
• B, D and C

• A

• B and D

An Inelastic product’s price DOES NOT impact the demand

• True

• False

An Elastic Product’s price DOES impact Demand?

• True
• False

A product like Insulin is an example of an Elastic Product

• True

• False

Laissez faire means…

• Laissez faire refers to strict government control over the economy.
• Laissez faire means 'let do' or 'let it be', referring to a hands-off approach to economic regulation.