Question 1

What are the three economic questions?

Accepted Answer

What, how, and for whom to produce?

Answer

Who, what, when, where, why, how to produce

Answer

Who, why, how to produce.

Answer

Nothing

Question 2

What is a tariff?

Accepted Answer

A tax on imported goods

Answer

A limit on the amount of imports

Question 3

What is a quota?

Accepted Answer

A limit on the amount of imports

Answer

A tax on imported goods.

Question 4

People who perform labor

Accepted Answer

Human Capital

Answer

Capital Goods

Answer

Entrepreneur

Answer

Natural resources

Question 5

Capital Goods

Accepted Answer

items that people need in order to perform jobs.

Question 6

Natural resources

Accepted Answer

resources that come from nature

Question 7

Entrepreneur

Accepted Answer

people with new ideas that are willing to take risks to start a business or make a product.

Question 8

Literacy rate + Standard of Living =?

Accepted Answer

GDP

Answer

DPG

Answer

Capital Goods

Answer

NAFTA

Question 9

Command or Market?: Government involved, no private property, no entrepreneurship, no choice.

Accepted Answer

Command

Answer

Market

Question 10

Command or Market? : Government is not involved, private businesses, entrepreneurship, and the citizens make the choices.

Accepted Answer

Market

Answer

Command

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