Worksheetsu2 eco systems
Total questions: 27
Worksheet time: 14mins
Which of the following is a summary of the basic economic questions?
When, where, and by whom should goods be produced
What goods and services should be produced, how, and for whom?
Who will buy which goods, and how much will they pay
How, when, and from who do consumers get what they want
In which list is the free market most dominant?
France, Canada, South Africa, UK
Russia, Peru, France, Canada
US, UK, Singapore, Hong Kong
Cuba, Greece, China, US
What is one of the most important advantages of a free market?
It encourages growth
It distributes goods equally
It protects the less fortunate
It is easy to regulate
What is a synonym for a centrally planned economy?
Specialized economy
Unitary economy
Communist economy
Command economy
Which of the following is a characteristic of a traditional society?
It discourages new ideas and new ways of doing things
public services are available at little or no cost
It has a great deal of economic freedom
it provides workers with few incentives to work hard
. Which is an example of a safety net (method to protect consumers)?
Unemployment benefits
Taxes
School loans
Public transportation
. Who plays the most important roles in the free enterprise system by starting new businesses?
consumers
government
entrepreneurs
workers
Who answers the 3 basic questions in a mixed economy?
people
government
people and the government
the tribal chief
Which economic system(s) do NOT reward innovation?
Traditional economy
centrally planned and traditional economy
mixed economy
centrally planned economy
What is intellectual property?
Hands-off style government approach to the economy
Creation of the mind that has commercial value
Rights of those who own land and buildings
Legally binding agreement between a buyer and seller
absolute advantage
allocation of separate tasks to different people, based on the principle of specialization
ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time
an approach to production in which individual workers become highly skilled at a specific task
ability to perform a task at a lower opportunity cost than someone else
comparatrive advantage
allocation of separate tasks to different people, based on the principle of specialization
ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time
an approach to production in which individual workers become highly skilled at a specific task
ability to perform a task at a lower opportunity cost than someone else
specialization
allocation of separate tasks to different people, based on the principle of specialization
ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time
an approach to production in which individual workers become highly skilled at a specific task
ability to perform a task at a lower opportunity cost than someone else
division of labor
allocation of separate tasks to different people, based on the principle of specialization
ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time
an approach to production in which individual workers become highly skilled at a specific task
ability to perform a task at a lower opportunity cost than someone else
Competition is important in the 7 goals of the USA economy because competition
it keeps prices low which benefits the consumer as they get more for their money
creates import taxes on foreign goods
is not motivated by large corporations making profits
Allows for monopolies to control the market and eliminates the power of choic
. Which goal for the US Economy ends up increasing the standard of living? th
Economic efficiency
Economic freedom
Economic equity
Economic grow
A synonym for the 7 goals of the US Economy is _______ a
Mixed economy
barter system
Limited government
free enterprise system
In a mixed system, the government takes ______from monetary flow
Government purchases
Government owned factories
labor
taxes
some of the physical flow travels from firms to the government. Which of the following would be part of that flow?
Computers from government offices
Salaries for government employees
Social security checks paid each month
import taxes paid by foreign businesses
Economic growth in market economies began to rapidly grow due to which historical event?
The Industrial Revolution
The fall of the Roman Empire
The Age of Exploration
The signing of the Magna Carta
What does Adam Smith’s idea of an “invisible hand” represent?
A tool for measuring economic productivity
The natural force that guides self-interested individuals to promote the public good
The government’s role in regulating the economy
A literal hand that controls market prices
What is the idea of a Laissez-Faire economy?
The government should heavily regulate all industries and markets.
Government controls all economic production and distribution.
Markets should be controlled by a central authority to prevent monopolies
The economy functions best when there is minimal government interference
What is economic interdependence?
The practice of countries isolating themselves from international trade.
The ability of a country to produce all goods and services it needs independently.
The process of a country becoming self-sufficient in all economic activities.
The reliance of countries on each other for goods, services, and resources.
How do division of labor and full employment affect efficiency and productivity?
Division of labor increases efficiency, and full employment leads to higher productivity
C) ity.
D)
Division of labor and full employment both reduce efficiency and productivity in a market economy.
.
Division of labor decreases efficiency, while full employment has no impact on productivity
Division of labor increases unemployment, and full employment decreases productivity
equal opportunity is
Same legal rights to seek education and compete in marketplace
Legal agreements to buy, produce and sell goods and services
Desire and incentive to work and make money
Free to work, buy and sell what we want
binding contracts
Same legal rights to seek education and compete in marketplace
Legal agreements to buy, produce and sell goods and services
Desire and incentive to work and make money
Free to work, buy and sell what we want
profit motive
Same legal rights to seek education and compete in marketplace
Legal agreements to buy, produce and sell goods and services
Desire and incentive to work and make money
Free to work, buy and sell what we want
