Economics Final

Front

What is the opportunity cost of producing at point A instead of point B?

Back

100 units of clothing

Front

In which of these systems is the government most likely to provide people with goods and services they could not otherwise afford?
Options: socialist economy, market economy, traditional economy, free-enterprise economy

Back

socialist economy

Front

Which of the following lists economic systems in order from least to most flexible? command, socialism, free market, free market, socialism, command, socialism, command, free market, free market, command, socialism

Back

command, socialism, free market

Front

Which statement describes a disadvantage of a command economy?

Back

Nothing stops the government from producing things that people don't need or want

Front

Which of the statements best describes the communist ideal? Options: a classless society in which everyone works for the common good, a classless society in which workers are motivated by financial incentives, a society in which the working class is motivated by incentives to produce goods, a society in which a small ruling class administers resources for the common good

Back

a classless society in which everyone works for the common good

Front

Which country is an example of a capitalist country? Options: Singapore, Cuba, North Korea, Venezuela

Back

Singapore

Front

If the price goes up on a good and the TR (total revenue) goes up, is that good Elastic or Inelastic?

Back

Inelastic

Front

If the price goes down on a good and the TR (total revenue) goes up, is that good Elastic or Inelastic?

Back

Elastic

Front

If the price of hot dogs decreases, what happens to the demand for hot dog buns?

Back

The demand goes up

Front

In the scenario where Emma starts buying more cereal after getting a job at Chick Fil A, what kind of good is cereal to Emma?

Back

Normal