JA Community And Economy Part 1 Question Preview (ID: 36925)
JA.
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Which best describes the circular flow of an economy
a) the flow between businesses and resources
b) the exchange of money, goods, and services in an economy
c) happens only in a resource market
d) happens only in a goods and services market
Which is not true of public goods and services?
a) shared by everyone - sometimes at the same time
b) only given to the needy
c) no one is prevented from using them
d) are paid for by taxes
Which is not a basic economic question faced by an economy?
a) What to produce?
b) How to produce?
c) How much profit will be made
d) For whom to produce?
Who pays for public goods and services?
a) philanthropists
b) taxpayers
c) government
d) only people who use them
A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.
a) true
b) false
c)
d)
Due to scarcity, people cannot have all of the things they want.
a) true
b) false
c)
d)
Businesses produce goods and services for citizens, who in turn supply labor and other resources to the businesses.
a) false
b) true
c)
d)
Resources are the goods people buy from business.
a) false
b) true
c)
d)
A place where people live, work, and share
a) community
b) free enterprise
c) philanthropy
d) scarcity
work done for others, such as haircuts or car repairs
a) services
b) scarcity
c) philanthropy
d) resources
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