Econ Questions

Which type of economy is best described with the phrase "this is the way things have always been done"?

• Market

• Mixed

• Traditional

• Command/Planned

Which type of economy is best described with the phrase "we do what we are told"?

• Market

• Mixed

• Traditional

• Command/Planned

Which type of economy is best described with the phrase "we make what we want"?

• Market

• Mixed

• Traditional

• Command/Planned

Which type of economy best describes the majority of economies in the world today?

• Market

• Mixed

• Traditional

• Command/Planned

In reference to the circular flow model, what are the main buyers and sellers in the markets?

• Governments ONLY

• Businesses and Government

• Individuals, Households, Businesses, and Governments

• Individuals and Households

In a market economy, who is the main party responsible for making economic decisions?

• The individual, through buying power

• The government, through regulations

• Big businesses, through marketing

• Witches, through magic

Which of the following best defines a Mixed economy?

• The government directs what shoulder be made after getting input from citizens

• Some government regulations and rules but generally the consumer market makes most of the decisions

• Technological innovations alone drive what should be made in the market

• Traditions and customs of a tribe or community, but with technology mixed into how everything is actually produced

In the circular flow model, what are the markets that consumers and producers buy from?

• Product and Resource

• Market and Government

• Technology and Production

• Grocery and Flea

Which of the following is NOT a key economic question?

• What goods and services should be produced?

• How should goods and services be produced?

• For whom should goods and services be produced?

• Why should goods and services be produced?

What are the key economic questions used for?

• Random confusing economic nonsense

• To determine what type of economy a group or state/government has

• For a government to determine how they should operate

• To determine where Wal-Mart best fits into the economy