Econ, chapters 2&3
Quiz by Cory West
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- Q 1/19Score 0According to the production possibilities curve, with the current resources and technology, what does E represent?29InsignificantInefficientImprobableUnattainable
19 questions
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- Q1According to the production possibilities curve, with the current resources and technology, what does E represent?InsignificantInefficientImprobableUnattainable45s
- Q2A mixed economy has characteristics of traditional, market, and socialist economies.TrueFalse45s
- Q3There are 3 important characteristics of a market economy. They are...private property rights, market, and competitionmarkets, goods, and productionprivate property rights, competitive markets, and goods offeredprivate property rights, market, and goods offered45s
- Q4A disadvantage of a mixed economy is that they grow faster than command economies, thus they provide goods and services to those who cannot afford them.FalseTrue45s
- Q5Some nations in Latin America, such as Chile and Argentina, are undergoing rapid transitions from isolationism and nationalization to capitalism.TrueFalse45s
- Q6Once an economic system is established, what can be done?government can take over the society’s economythe basic economic questions can be answeredresources can no longer be producedlaissez faire economics can begin45s
- Q7A free market capitalist system can be organized and run in different ways, as is evident in nations such as Japan, South Korea, Singapore, Taiwan, and Sweden.FalseTrue45s
- Q8A vehicle is an example of a non-durable goodTrueFalse45s
- Q9How is communism different than socialism?government in communism own all aspects of production and markets own all aspects in socialismgovernment does not own any aspects of production in socialism and owns all of them in communismgovernment in socialism own all aspects of production and governments in communism own only somegovernment in communism own all aspects of production and governments in socialism own only some45s
- Q10Consumers in a free enterprise economy ultimately determine ________ to produce.whathowwhenwhere45s
- Q11The role of government in a free market economy includes establishing laws to protect citizens, provide goods and services for citizens, regulate economic activity to preserve competition, and...match small business spending in order to balance competitionspend less than all private businesses as a to promote small businessspend more than all private businesses as a huge consumer in the market45s
- Q12A capital good is a manufactured good used to produce other goods and servicesTrueFalse45s
- Q13According to the production possibilities curve, with the current resources and technology, what does D represent?ImprobableUnknownInefficientUnattainable45s
- Q14According to the production possibilities curve, if the country Alpha chose to produce 40 units of cars, how many units of clothing could it produce?425407040045s
- Q15Quality of life = Standard of livingTrueFalse45s
