Unit 3 Exam Review: Question Preview (ID: 32335)

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Why is specialization is important in the operation of a market?
a) No one can provide all they need to survive.
b) Allows an individual to concentrate his time and resources and skills on one or a few tasks.
c) Allows individuals to be more efficient and earn an income.
d) All the answers

Economic systems must answer the three economic questions because resources are_______________.
a) abundant
b) scarce
c) non existent
d) lost

Which of the following is an advantage of free market economies?
a) Consumers and producers make their own economic choices
b) Some consumers are not paid fairly and equally.
c) •Public services may not be available to all members of society.
d) •Not all consumers receive the goods and services they need.

The term laissez faire means that the_______________ is not involved or is involved on a very limited basis in the economy.
a) government
b) public
c) company
d) military

Which of the following statements describes the economic goal of efficiency?
a) A country desires to see the economy grow and invests money in research for better technology.
b) A country ensures that all citizens have a great deal of freedom in making choices
c) A country understands how to best utilize its resources to reach maximum output.
d) A country wants to provide all needs and wants of citizens.

Which of the following is considered a market?
a) Old Navy
b) Walmart
c) Amazon.com
d) All the answers

Adam Smith's concept of the invisible hand plays an important role in________________ economies.
a) centrally planned
b) free market
c) command
d) traditional

Which of the following is NOT one of the three key economic questions?
a) How will it be produced?
b) Who will produce it?
c) Who will consume it?
d) What will be produced?

Which nation has a pure free market economy?
a) US
b) France
c) Sweden
d) None of the answers

Markets are necessary because no one is able to provide all of their ________________.
a) needs
b) wants
c) food
d) clothes

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