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Section 1-4 Basics
Test Description: Hello scrubs
Instructions: Answer all questions to get your test result.
1) 1. Scarcity is not used in which of these situations
A
b. After poor weather, crops die and there is less food but more demand
B
a. Susan wants to buy 2 cars but can only afford 1.
C
c. Jack has 4 new pairs of shoes but can only wear one pair of shoes?
D
d. Tom has a new company that he went into with his friend.
2) Which of the following would not shift an economy's PPC?
A
An increase in population
B
An increase in the money supply
C
A technological advance
D
Doubling the amount of capital in the economy
3) which term describes the reciprocal circulation of income between producers and consumers
A
a. Scarcity
B
c. Market systems
C
d. Production possibility curves
D
b. Circular flow chart
4) what is a firm?
A
money saving
B
A business organization
C
batman
D
a farm
5) . Mark wants to go into business but doesn’t have the money so his friend jack helps out. What is this called?
A
corporation
B
partnership
C
. sole proprietor
D
scarcity
6) which is not an advantage of command market.
A
charge what they want
B
controlled by tradition
C
. stability
D
long term infrastructure
7) . what is this definition? A company or group of people authorized to act as a single identity
A
command system
B
corporation
C
. traditional system
D
partnership
8) what is a role of government in the free enterprise system?
A
regulations on public health and safety
B
to save money
C
to regulate prices
D
. to support private companies
9) . what are some factors of production and income received?
A
land,rent,saving
B
land, rent, ownership
C
land, rent, money taken
D
farm, rent capital
10) what are some advantages to market economy?
A
gives incentive to produce goods that consumers want.
B
unstable
C
. skewerd distribution of income
D
does not work in some areas.
*select an answer for all questions
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