The Economic Environment

The Economic Environment

University

7 Qs

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The Economic Environment

The Economic Environment

Assessment

Quiz

Business

University

Practice Problem

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Created by

Mohammed ElGayaar

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7 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental concept that gives rise to the field of economics, as described in the source material?

The interaction between unlimited human wants and scarce resources

The process of distributing goods and services in a society

The desire of individuals and nations to accumulate wealth

The government's need to collect taxes and provide public services

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A point located inside the Production Possibilities Frontier (PPF) represents what?

The most efficient use of all available resources

A production combination that is impossible to achieve with current technology

The maximum possible output of one good if production of the other is zero

A production combination that is attainable but involves inefficient use of resources

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the downward slope of the Production Possibilities Frontier illustrate?

That producing more of one good requires producing less of another

That the economy is operating at an inefficient level

That technology and available resources are fixed at a point in time

That resources are scarce and human wants are unlimited

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which term is used to describe all the things used in producing goods and services, such as labor?

Circular flow

Economic systems

Factors of production

Opportunity cost

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a Command Economy, who owns the productive resources and makes the major economic decisions?

Individual entrepreneurs and private corporations

Families and tribal leaders based on tradition

A combination of government agencies and private businesses

A central authority, typically the government

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a primary characteristic of a Market Economy?

Economic decisions are based on customs passed down through generations

The central government makes all decisions regarding production and distribution

Productive resources are privately owned and operated for profit

The main goal is the equal distribution of income among all citizens

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A society where children commonly follow in their parents' footsteps for their occupation and economic role is most likely operating under which system?

Traditional Economy

Market Economy

Command Economy

Mixed Economy

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