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Economic thinking system

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.

What is thinking at the margin?

a)
Thinking at the margin means considering only the fixed costs involved in a decision.
b)
Thinking at the margin is about evaluating the total costs of a project.
c)
Thinking at the margin refers to making decisions based on past experiences.
d)
Thinking at the margin is the decision-making process that focuses on the additional benefits and costs of a small change.
2.

Define :Trade Makes People better off

a)
Trade makes people worse off by increasing costs.
b)
Trade eliminates competition among producers.
c)
Trade makes people better off by increasing efficiency and access to goods.
d)
Trade reduces the variety of goods available.
3.

Define : Incentives matter

a)
Incentives are irrelevant to decision-making.
b)
Incentives are crucial as they drive behavior and decision-making.
c)
Incentives only apply to financial rewards.
d)
Incentives are a form of punishment for poor performance.
4.

Define: Market facilities trade

a)

When I shop at a portal that provides many vendors that I can select from. like Amazon.com

b)
Market facilities trade is the process of manufacturing products.
c)
Market facilities trade refers to the physical goods sold in a market.
d)
Market facilities trade involves only online transactions without physical locations.
5.

Example of a future consequence count

a)
The future consequence count is solely based on past events.
b)
The future consequence count does not consider potential outcomes.
c)
The future consequence count is fixed and does not change over time.
d)
The future consequence count is dependent on the number of potential outcomes and their associated consequences.
6.

Define Cost vs Benefits

a)
Cost vs Benefits refers to the emotional impact of decisions.
b)
Cost vs Benefits is a comparison of the costs and benefits of a decision or action.
c)
Cost vs Benefits is a measure of profit only.
d)
Cost vs Benefits is solely about financial expenses.
7.

Explain the economic theory of Invisible hand

a)
The Invisible Hand is the self-regulating nature of the marketplace where individual self-interest leads to societal benefits.
b)
The Invisible Hand suggests that all economic decisions should be made by a central authority.
c)
The Invisible Hand is a metaphor for the physical hand of the market.
d)
The Invisible Hand refers to government intervention in the economy.
8.

What does Adam Smith's theory of an INVISIBLE HAND represent?

a)
The 'invisible hand' refers to government intervention in the economy.
b)
The 'invisible hand' symbolizes the importance of corporate monopolies.
c)
The 'invisible hand' indicates the need for strict regulations on trade.
d)

The 'invisible hand' represents the self-regulating nature of the marketplace. to satisfy supply and demand

9.

WHat is the government's role in a pure market economy

a)
The government has complete ownership of all resources.
b)
The government controls all businesses and prices.
c)

The government has a minimal role, mainly enforcing laws and protecting property rights. and staying out of economic activity

d)
The government sets strict regulations on market competition.
10.

What are the three fundamental economic questions

a)

Why to produce

when to produce and where to produce

b)

When to produce

why to produce and where to produce

c)
What to produce, How to produce, For whom to produce
d)

Where to produce

why to produce and how to produce

11.

According to Adam Smith what does self interest produces

a)
Self-interest creates monopolies and reduces competition.
b)
Self-interest produces economic prosperity and benefits society.
c)
Self-interest leads to economic decline.
d)
Self-interest harms society and individuals.
12.

In what type of economy , production is determined by tradition,ritual and custom

a)
Market economy
b)
Planned economy
c)
Traditional economy
d)
Mixed economy
13.

In what type of economy the government gets involved but doesn't control the factors of the production

a)
Planned economy
b)
Capitalist economy
c)
Traditional economy
d)
Mixed economy
14.

What is the type of economy where the there is a higher degree of consumer choice?

a)

Free Market economy

b)
Traditional economy
c)
Planned economy
d)
Command economy
15.

What is the definition of Command economy?

a)
A command economy is characterized by free market principles and minimal regulation.
b)
A command economy is an economic system where the government controls all aspects of the economy.
c)
A command economy allows consumers to dictate production and pricing through demand.
d)
A command economy is where businesses operate independently without government intervention.
16.

What is the definition of mixed economy?

a)
A mixed economy is an economic system that relies entirely on barter.
b)

A mixed economy is a system that incorporates both private and public sectors. and the government has limited rules for private business

c)
A mixed economy only allows private businesses to operate without regulation.
d)
A mixed economy is solely based on government ownership.
17.

mention one characteristic that both Socialist and communist systems share

a)
Private ownership of businesses
b)
Emphasis on individual wealth
c)
Limited government intervention
d)

strong government control over factories and their productions

18.

In a socialist nation how do we describe High taxes

a)
Progressive taxation
b)

An advantage for the citizens

c)
Consumption tax
d)

a disadvantage for the citizens

19.

What is one benefit for citizens living in a communist economy?

a)
Increased income inequality among citizens.
b)
High levels of unemployment and job insecurity.
c)
Limited access to public services and amenities.
d)
Guaranteed access to basic needs like healthcare and education.
20.

What is the most common form of economy used today?

a)
Planned economy
b)
Barter economy
c)
Traditional economy
d)
Mixed economy
21.

WHat does the government provides to the household and firms when they pay taxes

a)
Interest-free loans for households.
b)
Tax refunds and credits.
c)
Public goods and services.
d)
Subsidies for private businesses.
22.

what is Standardized health care

a)
A method of patient care that focuses on individual preferences.
b)
A uniform system of medical practices and protocols across providers.
c)
A set of guidelines that only applies to emergency situations.
d)
A system that varies widely between providers.

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