Section 1-4 Basics: Question Preview (ID: 19852)

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1. Scarcity is not used in which of these situations
a) a. Susan wants to buy 2 cars but can only afford 1.
b) b. After poor weather, crops die and there is less food but more demand
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.

Which of the following would not shift an economy's PPC?
a) An increase in population
b) Doubling the amount of capital in the economy
c) An increase in the money supply
d) A technological advance

which term describes the reciprocal circulation of income between producers and consumers
a) a. Scarcity
b) b. Circular flow chart
c) c. Market systems
d) d. Production possibility curves

what is a firm?
a) A business organization
b) a farm
c) money saving
d) batman

. 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) . sole proprietor
c) scarcity
d) partnership

which is not an advantage of command market.
a) . stability
b) long term infrastructure
c) charge what they want
d) controlled by tradition

. what is this definition? A company or group of people authorized to act as a single identity
a) corporation
b) . traditional system
c) partnership
d) command system

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

. what are some factors of production and income received?
a) land,rent,saving
b) farm, rent capital
c) land, rent, money taken
d) land, rent, ownership

what are some advantages to market economy?
a) unstable
b) . skewerd distribution of income
c) gives incentive to produce goods that consumers want.
d) does not work in some areas.

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