Economics Unit 2

Front

Which of the following are public goods and services? United States Military, Amusement Parks, Gas Stations, FedEx Deliveries

Back

United States Military

Front

Sally works for a private company that has to follow government regulations for safety. In what type of economy does Sally live?

Back

Mixed

Front

According to economists, what is the likely result of competition on the price and quality of goods and services that consumers purchase?

Back

price will decrease; quality will increase

Front

A tourist pays a fee to enter Shenandoah National Park. This money helps the government continue to maintain the park. This is because the park is a

Back

public good/service

Front

Which is characteristic of a command economy?

Back

Consumers often face lack of product choice.

Front

In a command economy, who decides how much to produce?

Back

government planners

Front

Which type of economy follows the decisions of the consumer as to what to produce? Options: mixed only, mixed and free market, command, traditional

Back

mixed and free market

Front

When the consumer has the most influence over the market it is called

Back

consumer sovereignty

Front

What is one benefit of competition? Options: higher prices, higher quality, less demand, less variety

Back

higher quality

Front

Which pairing best shows the type of economy the United States has? Options: Productivity/unemployment, Command economy/traditional economy, Democracy/Electoral College, Public sector/private sector

Back

Public sector/private sector