Economics Warmup

What determines what is produced in an economy?

• Government policies

• Consumer preferences and resources available

• Historical precedents

• Technological advancements

What is opportunity cost?

• The cost of producing goods

• The value of the next best alternative given up

• The total cost of all resources used

• The financial cost of a decision

What is the main problem of scarcity?

• Unlimited resources

• Limited wants

• Unlimited wants and limited resources

• No opportunity costs

What is the role of consumer preferences in an economy?

• They determine government policies

• They dictate what is purchased and consumed

• They have no impact on production

• They only affect technological advancements

In a mixed economy, who are the owners and decision makers for the private sector?

• The government

• Individuals and businesses

• International organizations

• Non-profit organizations

Which type of economy is characterized by centrally planned economic activities?

• Mixed economy

• Command economy

• Free market economy

• Traditional economy

What role does the government play in a mixed economy compared to a free market economy?

• Lesser role

• Greater role

• No role

• Equal role

Which of the following is a feature of a command economy?

• Lack of consumer choice

• High level of competition

• Decentralized decision-making

• Predominantly private ownership

Which country is mentioned as having a mixed economy?

• China

• United States

• Russia

• India

What is a common feature of most economies today?

• They are command economies

• They are mixed economies

• They are traditional economies

• They are free market economies