Economics 1 SOL Review 24-254

This list describes what type of economic system?

• Command
• Free market
• Mixed
• Traditional

Which term best describes the message on this poster?

• resource
• capital
• guarantee
• insurance

What is the opportunity cost of going to the movies?

• Price of the movie tickets
• Value of the computer game
• Time of buying the computer game
• Enjoyment of seeing the movies

Which pair of economic systems best completes this diagram?

• Mixed – Traditional
• Command – Traditional
• Mixed – Free Market
• Free Market – Command

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The extra money she could earn.
• The additional hours she spends at the job.
• The time she could spend studying.
• The new clothes she could buy.

Which of the following is NOT a characteristic of the U.S. economy?

• competition among producers
• no government influences
• people allowed to earn a profit
• private ownership of property and businesses

The basic economic questions are: What to produce, how to produce, who will receive the items produced. How countries make those choices is determined by the

• geography of the country.
• goods and services produced within the country.
• natural resources of the country.
• type of economic system in the country.

Which economic factor has most likely determined the price in this picture?

• Capital
• Scarcity
• Demand
• Consumption

Which phrase best completes the title of this diagram?

• Government Regulation
• Industrial Productivity
• Business Profit
• Consumer Choice

Which type of economy is being defined?

• Command
• Free market
• Mixed
• Traditional