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WorksheetsExam 2 Part 2
Total questions: 32
Worksheet time: 16mins
Prices set by the government
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Free competition
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Welfare states
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Lack of growth and progress
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Consumers make economic decisions.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Government sets production quotas.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Government tells workers where they will work.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Based on habits, customs, and beliefs
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Individuals and businesses own the means of production.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Sweden
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
North Korea
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Subsistence system
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Government makes all economic decisions.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
High taxes
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Government owns part of the means of production.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
United States
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Amazon Rainforest communities and Australian Aborigines
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Government regulates but does not control the economy.
Communist command economic system
Market economic system
Socialist command economic system
Traditional economic system
Which of the following best describes the nature of supply and demand in economics?
Supply and demand refer to the relationship between the availability of goods and the desire for them.
Supply and demand are only relevant in the context of government policies.
Supply and demand are unrelated concepts in economics.
Supply and demand only apply to luxury goods.
Which of the following is a factor that can affect supply and demand in a market?
Changes in consumer preferences
The color of the product packaging
The number of letters in the product name
The day of the week the product is sold
Goods that are bought and used together are
complementary goods
substitute goods
income goods
unrelated goods
The Law of Demand
the desire to own something
when a good's price is lower, consumers will buy more of it. When a good's price is higher, consumers will buy less of it
describes how much of a good is offered for sale at a specific price.
the higher the price, the larger the quantity produced
If the demand curve shifts to the right, then the supply curve move up and to the right
true
false
A shortage of a good is often a signal for a producer to
lower the production of that good
lower the prices of that good
raise the prices of that good
shift production to another good
The change in consumption resulting from a change in income
substitution effect
demand schedule
Income effect
none of the above
As prices rise, sellers will offer more goods and services for sale.
Supply
Law of Supply
Change in supply
demand
Which of the following best describes the main focus of economics?
The study of how to meet unlimited, competing wants with limited resources
The study of how to create unlimited resources
The process of maximizing profits without considering resources
The study of how to avoid making decisions
Which of the following best describes the characteristics of wants?
Limited, static, and non-competing
Unlimited, changing, and competing
Limited, changing, and non-competing
Unlimited, static, and non-competing
Which of the following is NOT one of the three main types of economic resources?
Natural resources
Human resources
Technological resources
A country is experiencing a rapid increase in population. Based on the information provided, what is a likely consequence for its natural resources?
Natural resources will become more limited due to higher demand.
Natural resources will become unlimited.
The cost of obtaining resources will decrease.
Technology will automatically improve
Suppose a country has limited resources and must decide between producing more healthcare services or more consumer electronics. Which economic concept is being applied when making this decision?
Scarcity
Economizing
Abundance
Overproduction
Which of the following best describes the concept of opportunity cost?
The total amount of money spent on a project
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
The profit gained from making a business decision
The time taken to complete a task
