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Econ, chapters 2&3

Quiz by Cory West

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19 questions
Show answers
  • Q1
    According to the production possibilities curve, with the current resources and technology, what does E represent?
    Question Image
    Insignificant
    Inefficient
    Improbable
    Unattainable
    45s
  • Q2
    A mixed economy has characteristics of traditional, market, and socialist economies.
    True
    False
    45s
  • Q3
    There are 3 important characteristics of a market economy. They are...
    private property rights, market, and competition
    markets, goods, and production
    private property rights, competitive markets, and goods offered
    private property rights, market, and goods offered
    45s
  • Q4
    A 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.
    False
    True
    45s
  • Q5
    Some nations in Latin America, such as Chile and Argentina, are undergoing rapid transitions from isolationism and nationalization to capitalism.
    True
    False
    45s
  • Q6
    Once an economic system is established, what can be done?
    government can take over the society’s economy
    the basic economic questions can be answered
    resources can no longer be produced
    laissez faire economics can begin
    45s
  • Q7
    A 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.
    False
    True
    45s
  • Q8
    A vehicle is an example of a non-durable good
    True
    False
    45s
  • Q9
    How is communism different than socialism?
    government in communism own all aspects of production and markets own all aspects in socialism
    government does not own any aspects of production in socialism and owns all of them in communism
    government in socialism own all aspects of production and governments in communism own only some
    government in communism own all aspects of production and governments in socialism own only some
    45s
  • Q10
    Consumers in a free enterprise economy ultimately determine ________ to produce.
    what
    how
    when
    where
    45s
  • Q11
    The 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 competition
    spend less than all private businesses as a to promote small business
    spend more than all private businesses as a huge consumer in the market
    45s
  • Q12
    A capital good is a manufactured good used to produce other goods and services
    True
    False
    45s
  • Q13
    According to the production possibilities curve, with the current resources and technology, what does D represent?
    Question Image
    Improbable
    Unknown
    Inefficient
    Unattainable
    45s
  • Q14
    According to the production possibilities curve, if the country Alpha chose to produce 40 units of cars, how many units of clothing could it produce?
    Question Image
    425
    40
    70
    400
    45s
  • Q15
    Quality of life = Standard of living
    True
    False
    45s

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