Economics Final Exam

Front

What is a command economy?

Back

An economy where the government makes most of the economic decisions.

Front

What are the advantages of a market economy? A. It rewards individual initiative. B. It encourages innovation. C. It provides a wide variety of goods and services.

Back

All of the above.

Front

What is a mixed economy?

Back

An economy where consumers and businesses jointly answer questions of what, how, and for whom to produce.

Front

What is the role of the government in a mixed economy?

Back

To make some economic decisions.

Front

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

Back

Command

Front

What type of economy determines prices of goods and services based on supply and demand, has little to no government regulation of business, and allows privately controlled resources?

Back

Market

Front

Which economic system allows government to help protect consumers and regulate prices, government has some control over business and resources and can be privately owned and controlled?

Back

Mixed

Front

What type of economic system allows government to have control over prices of goods and services, government determines what is produced and controls resources?

Back

Command

Front

What is the concept of opportunity cost?

Back

The value of the next best alternative

Front

Scarcity involves

Back

having unlimited wants and needs and limited resources