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Ja Ke 10 questions

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Questions in this quiz (10)

  1. 1What is a Economic System?
    1. AThe structure that a government uses to distribute laws.
    2. BThe power of consumers to decide what gets produced.
    3. CThe structure that a society uses to produce and distributes goods and services.
    4. DAn economic system in which a group of central planners makes economic plans for the government.
  2. 2Why do markets exist?
    1. AMarkets exist because buyers and sellers are free to make exchanges.
    2. BMarkets exist because everyone produces all the goods and service we require to satisfy our needs and wants.
    3. CMarkets exist so that individuals and businesses can do what they know best.
    4. DMarkets exist because no one produces all the goods and services we require to satisfy our needs and wants.
  3. 3What is a free market economy?
    1. AAn economic economic system in which decisions on the three economic questions are based on the principle of voluntary exchange.
    2. BA place that allows buyers and sellers to exchange things.
    3. CAn exchange in which households buy goods and services from firms.
    4. DAnother name for a centrally planned economy.
  4. 4What is a circular flow?
    1. AA model that shows uses in resources to produce a product or service for sale.
    2. BAn exchange in which firms purchase the fact
    3. CAn exchange in which firms purchase the factors of production from households.
    4. D
      To control or direct competition.
  5. 5In 1776, Adam Smith published one of the most important books on economics. What was it called?
    1. AThe Wealth of the United States.
    2. BThe Wealth of Nations.
    3. CCapitalism and Freedom.
    4. DPrinciples of Economics.
  6. 6Bringing new methods, products, or ideas into use.
    1. AStandard of living.
    2. BFactor payments.
    3. CInnovation.
    4. DSafety net.
  7. 7A traditional economy is an economic system in which firms purchase the factors of production from households.
    1. ATrue
    2. BFalse
  8. 8The way of living that is usual for a person, community, or country is standard of living.
    1. ATrue
    2. BFalse
  9. 9Smith said that this competition acts like an “____________” that regulates, or controls, the marketplace.
    1. AInvisible wand.
    2. BInvisible ear.
    3. CMagic potion.
    4. DInvisible hand.
  10. 10Why would some governments provide a safety net?
    1. ATo protect people who face economic hard times.
    2. BSo that the economy can be efficient.
    3. CTo have economic freedom in the U.S.
    4. DTo avoid inflation.

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Description
Quiz on Untitled, created by Ja Ke on 27/10/2014.
Author
Ja Ke
Language
English
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