Econ Practice ACP

Front

According to the diagram, the factors of production are provided by -

Back

individuals

Front

According to the diagram, one can conclude that -

Back

economic factors are interdependent

Front

The cartoon supports the idea that trade barriers protect-

Back

U.S. businesses from international competition but limit their market

Front

This variety of goods is a benefit of the -

Back

free market economic system

Front

Fiscal policy refers to how government expenditures and taxation influence: property rights, trade policy, economic activity, education levels

Back

economic activity

Front

In which economic system does the government decide the types of goods that will be produced and sold? Options: Socialist system, Traditional System, Free enterprise system, Communist system

Back

Communist system

Front

The basic economic problem all societies face is-

Back

scarcity of resources

Front

Which factor might cause the demand curve for shoes to shift left (from D to D1)? Options: Increase in resource costs, Increase in number of sellers, Decrease in taxes on shoes, Decrease in consumer income

Back

Decrease in consumer income

Front

In which economic system does the government decide the types of goods that will be produced and sold? Options: Command, Traditional, Free enterprise, Mixed

Back

Command

Front

Which group plays the greatest role in government regulation of the sale of corporate stock? Options: Labor unions, Securities and Exchange Commission, Federal Reserve Bank, Chambers of Commerce

Back

Securities and Exchange Commission (SEC)