Economic Systems Question Preview (ID: 13241)


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

Each Economic systems answers the following questions: What, How, and Why we produce goods.
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

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

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)

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

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

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

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

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