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