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Chapter 4 SS content test

Quiz by Christine King

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29 questions
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  • Q1
    Give an example of an opportunity cost and how it could shape an economic choice.
    An example of an opportunity cost is when a person wants to buy new jeans and shoes, but can only buy one of the two items. This could shape an economic choice by having the person decide which item is most important.
    30s
  • Q2
    Which is the difference between a free market economy and a command economy?
    In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.
    30s
  • Q3
    What is one example of interdependence in a global economy?
    Innovations such as e-mail have made communication faster and cheaper.
    a company that produces televisions using parts from all over the world
    30s
  • Q4
    How has technology changed communication, or the sharing of ideas and information?
    Innovations such as e-mail have made communication faster and cheaper.
    mail delivery
    30s
  • Q5
    What is an example of the government providing a public service?
    email
    mail delivery
    30s
  • Q6
    Which describes inflation?
    when the usual price of many goods and services rises
    30s
  • Q7
    Why do entrepreneurs take risks to open businesses?
    they believe that their ideas for businesses can make money
    30s
  • Q8
    How is bartering different from paying money for a good or a service?
    bartering trades one type of good or service for another. No money is exchanged.
    30s
  • Q9
    Which is true of the most successful companies?
    they create products that have a high demand
    30s
  • Q10
    What is an example of a need?
    clothing
    cell phone
    tv
    30s
  • Q11
    What term means that the amount of a resource is limited?
    scarcity
    30s
  • Q12
    Which is an example of an opportunity cost?
    having to choose between two items because you can't afford them both
    30s
  • Q13
    What are the three basic questions that all economies must answer?
    What goods and services should be produced? How should they be produced? For whom should they be produced?
    30s
  • Q14
    What are two examples of personal economic choices that people make every day?
    A person deciding whether to bring lunch to school or work or to buy lunch. A person deciding whether to buy a pair of shoes or save the money for something else. A person deciding whether to buy a pair of jeans or look for a cheaper pair.
    30s
  • Q15
    Summarize the way in which a free enterprise system, or market economy, produces goods and services.
    In a free enterprise system, or market economy, producers have the right to create any goods or services they want. Producers also set the prices and quantities for their good and services.
    30s

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