Economics Quiz Review (SS9) Question Preview (ID: 51294)
For Economics Quiz.
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What economic system does the United States have?
a) Free Market Economy
b) Command Economy
c) Mixed Economy
d)
Which type of economy is completely controlled by the government?
a) Free Market Economy
b) Command Economy
c) Mixed Economy
d)
The economic term 'scarcity' is based on the idea of:
a) recession proof investments
b) diminished returns
c) limited resources
d) price inflation
The three factors of production are:
a) Land, Labour and Capital
b) Land, Labour and Education
c) Labour, Resources and Scarcity
d) Free Market, Command and mixed Economies
Which of the following is the best example of government intervention in a mixed economy?
a) Workers assuming control over the factories.
b) The privatization of natural gas and electrical suppliers.
c) The distribution of Alberta Health cards for medical services.
d) An entrepreneur donating money to charity.
Which of the following is a good?
a) dog walking
b) dog grooming
c) a dog leash
d) doggy daycare
What are factors of production?
a) A person who purchases goods and services for personal use
b) An economic term that describes the inputs that are used in the production of goods or services
c) How you solve the problem of limited resources and unlimited wants
d) Limited resources with unlimited wants
Which of the following would not be considered labour in our factors of production?
a) A factory worker
b) the accountant for the factory
c) The cleaning service for the factory
d) The factory machines.
Where does a Free Market Economy fall on the economic Spectrum?
a) Left
b) Middle
c) Right
d) On top
Where does a Command Economy fall on the economic spectrum
a) left
b) Right
c) Middle
d) Under
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