Economic Systems Question Preview (ID: 13241)


Section 2. TEACHERS: click here for quick copy question ID numbers.

What are the four main economic systems?
a) Communism, Market, Socialism, and Traditional
b) Command, Market, Mixed, Traditional
c) Communisim, Market, Traditional, Mixed
d) Command, Market, Mixed, Socialism

Sacrificing one good or service to produce another good or service is what?
a) Trade-off
b) Opportunity Cost
c)
d)

Market economy bases every desicion off of what?
a) businesses
b) consumers
c) businesses and consumers
d) government

All economic decisions in a command economy are decided by whom?
a) Government
b) All the Above
c) Businesses
d) Consumers

Mixed Economy decisions are based off of who?
a) Consumers
b) All the above
c) Businesses
d) Government

Second Alternative is what?
a) Opportunity Cost
b) Trade-off
c)
d)

What productive resource is the quantity and quality of human effort to produce goods and services.?
a) Land
b) Labor/ Human
c) Capital
d)

Trade is necessary in an economic system.
a) True
b) False
c)
d)

What productive resource is a characteristic of individuals who assume the risk of organizing productive resources?
a) Land
b) Labor/ Human
c) Entrepreneurship
d) Capital

Each Economic systems answers the following questions: What, How, and Why we produce goods.
a) True
b) False
c)
d)

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