Economics Part 1 Question Preview (ID: 61380)


Introduction To Economics, Economic Systems, And U.S. Economy. TEACHERS: click here for quick copy question ID numbers.

What is free enterprise?
a) Markets operate without interference from the government -price is set by supply and demand
b) the government regulates business to protect consumers
c) Consumers have the right to choose what to buy
d) when producers have the freedom to set market prices

What is profit motive?
a) Consumers are motivated to make the most profitable choice
b) In a command economy, the government is motivated by profit to offer better goods or services
c) Producers are motivated to earn profits from goods and services they provide
d) to be motivated by paying off debts

In which economic system does the government control the public sector?
a) Free Market
b) Traditional
c) Command
d) Mixed

Which is not a trait of a free market?
a) individual choice
b) government involvement
c) competition
d) consumer sovereignty

What does consumer sovereignty mean?
a) consumers are protected
b) consumers control production
c) consumer choice
d) not listed

What economic system is based on historical precedent?
a) Traditional
b) Command
c) Free Market
d) Mixed

What is the definition of consumption
a) the making of goods and services
b) the combining of resources to provide goods and services
c) the use of goods and services
d) the factors of production

Which is not a basic question of economics?
a) What will be produced?
b) How will it be produced?
c) Who will produce it?
d) For whom will it be produced?

What type of economy does not allow private property?
a) Mixed
b) Command
c) Free Enterprise
d) All of these systems allow private property

In what type of economy do individuals and the government both answer the basic questions of economics?
a) Command
b) Mixed
c) Free Market
d) Traditional

What kind of economy does the US have?
a) Mixed
b) Traditional
c) Command
d) Free market

What trait matches a command economy?
a) competition
b) free enterprise
c) consumer choice
d) Central Authority - usually government

What is opportunity cost?
a) The thing you chose when you make a choice
b) The thing you give up when you make a choice
c) The cost of production
d) consumer choice

What is the definition of scarcity?
a) Limited resources cannot satisfy unlimited wants
b) the second best alternative
c) the combining or resources to make goods and services
d) the selection of an item from a list of alternatives

Which is not one of the four kinds of resources?
a) Natural
b) Human
c) Infrastructure
d) Entrepreneurship

Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 61380 in the upper right hand corner or click here.

TEACHERS / EDUCATORS
Log In | Sign Up / Register

Help / Support / FAQ




Gaming Links