WorksheetsCh. 5 What is the Economic Problem Quiz
Total questions: 20
Worksheet time: 10mins
What is the primary economic concern of a society?
How to balance the public budget
How to sustain economic growth
How to acquire more economic resources
How to achieve its economic goals
Which of the following does NOT immediately result from fluctuations between inflation and deflation?
Unemployment rates rise
A 'wait and see' attitude prevails
Society's economic output slows
Industrial Revolution
Which of the following best qualifies as a period of intensive growth?
Industrial Revolution
Louisiana Purchase
European colonialism
America's westward expansion
Which of the following is a consumer good?
tractor
automobile
printing press
welding machine
Which of the following is a capital good?
book
house
medicine
plow
From what source do firms get the funds to purchase more real capital?
company profits
budget cuts
consumer savings
fundraisers
What is the primary goal that drives the market solution to the input question?
Lowering production costs
Decreasing economic risk
Increasing employment
Satisfying demand
Which states that each person in a nation has a right to part of the nation's wealth simply by being part of the human race?
Keynesian economics
Egalitarian fairness
Economic Darwinism
Libertarian fairness
Who is the Father of Communism?
Alfred Marshall
Milton Friedman
Adam Smith
Karl Marx
The public provision of further training or education for the unemployed while they search for jobs is often known as _____.
libertarian fairness
welfare
economic leveling
workfare
High unemployment often leads to higher levels of _____.
crime
peace
productivity
innovation
Societies desire for price levels to remain _____.
volatile
unpredictable
stable
inflated
Goods used to create other goods are called _____ goods.
consumer
capital
government
state
Who decides the balance between consumer and capital goods in a command economy?
The people
The markets
The courts
The government
What is the output question?
What will be produced?
How will it be produced?
Who will receive the goods?
Who will pay for the goods?
What is the input question?
What will be produced?
How will it be produced?
Who will receive the goods?
Who will pay for the goods?
Capital intensive production relies primarily on _____.
manual labor
government power
automation
animals
Economic leveling refers to the redistribution of _____.
elections
capital goods
votes
income
What is the distribution question?
Who will receive the goods?
What will be produced?
Who will pay for the goods?
How will it be produced?
What is the market solution to the distribution question?
Egalitarian fairness
Libertarian fairness
Economic leveling
Government quotas
