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JA Community And Economy Part 1
Test Description: JA
Instructions: Answer all questions to get your test result.
1) Which best describes the circular flow of an economy
A
happens only in a resource market
B
happens only in a goods and services market
C
the exchange of money, goods, and services in an economy
D
the flow between businesses and resources
2) Which is not true of public goods and services?
A
are paid for by taxes
B
shared by everyone - sometimes at the same time
C
no one is prevented from using them
D
only given to the needy
3) Which is not a basic economic question faced by an economy?
A
For whom to produce?
B
What to produce?
C
How much profit will be made
D
How to produce?
4) Who pays for public goods and services?
A
taxpayers
B
government
C
only people who use them
D
philanthropists
5) A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.
A
true
B
false
6) Due to scarcity, people cannot have all of the things they want.
A
true
B
false
7) Businesses produce goods and services for citizens, who in turn supply labor and other resources to the businesses.
A
false
B
true
8) Resources are the goods people buy from business.
A
false
B
true
9) A place where people live, work, and share
A
free enterprise
B
philanthropy
C
community
D
scarcity
10) work done for others, such as haircuts or car repairs
A
philanthropy
B
services
C
scarcity
D
resources
*select an answer for all questions
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