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WorksheetsQuiz 3- Archives 1-6
Total questions: 18
Worksheet time: 9mins
An economic system where individuals make the decisions/answer the basic economic questions
Market System
Command System
Traditional System
Incentive System
The study of big economic behaviors like poverty, the national debt, and unemployment
Microeconomics
Macroeconomics
Market
Command
Productive factors that exist in or on the ground without humans needing to do anything
Capital Resource
Entrepreneurship
Land/Natural Resource
Human/Labor Resource
Opportunity Cost is
An economic system where the government (individual or central planning committee) answers the basic economic questions
The economic term for satisfaction when consuming a good or service
Any arrangement that brings together buyers and sellers for a good or service
The value of what you give up (your other option) when consuming a good or service
Any arrangement that brings together buyers and sellers for a good or service
Market/ Marketplace
Utility
Incentive
Command System
Scarcity results from the relationship between which two factors?
Quantities of resources are limited and desire for resources is unlimited.
Price of resources are limited and the quantity of resources is unlimited.
Quantities of resources are unlimited and the desire for resources is limited.
Price of resources is unlimited and the quantity of resources is limited.
What are the three main fundamental economic questions of any society?
Economic innovation, poverty and distribution of production
Where, time, functions of what to produce.
Production, distribution, and execution of production.
What, how and for whom to produce.
When you move from one point to another on a production possibilities frontier /curve what economic concept is being illustrated? (think about moving from one song to another on Wandzi’s MP3 player)
the circular flow
opportunity costs
government regulation
inputs
In the market/free enterprise system, who of the following most influences the market?
high-level technical planners
government central bankers
manufacturers based on long-range economic forecasts
numerous buyers and sellers
Reductions in technology and resources can shift a nation’s production possibilities frontier ____________________ because the effects lead to ________________________
outward, economic growth
outward, unemployment/inefficiency
inward, economic growth
inward, unemployment/inefficiency
What two factors have to be present for a market to exist?
Buyers and Sellers
Supply and demand
Government and Individuals
Government and Businesses
The main failure of a command based economic system is that it
Allows for shared use of resources by participants in the economy
Has the government answer the three basic questions of every economy
The government decisions remove incentives of individual decision-making
Allows individual control of resources
A pure-market economic system has what disadvantage?
private property ownership and use of resources
people are motivated by profit
some people are left behind or are treated differently
it can be inefficient with government making decisions
If all resources were put into producing clothes, how many clothes could this economy produce?
50
40
5
4
What is the production output at point “E”?
About 20 units of clothes and 40 units of food
About 50 units of clothes and 0 units of food
About 40 units of clothes and 20 units of food
About 30 units of clothes and 30 units of food
What is the cost of moving from point “A” to point “D”?
30 units of food
no gain
about 50 units of clothing
about 20 units of clothing
“A risk taking behavior where someone combines the major factors of production to provide something new to the economy” best defines which resource?
Entrepreneurship
Capital
Human/Labor
Natural/Land
Which of the following is an opportunity cost for the construction of a new public rec center?
monetary cost of hiring staff for the rec center
cost of paying people to design and build the rec center
change in the real estate tax to pay off the rec center
road repair that must be sacrificed to build the new rec center
