Social Studies Guru - Economics

A type of economy where products, prices, and services are determined by the market, not the government, is the...

• Free Enterprise System

• Integumentary System

• Market System

• Federal System

The resources of an economic system (Factors of Production) are...

• Traditional, command, market, and mixed

• Land, capital, labor, and entrepreneurs

• Monopoly, oligopoly, private, and government

• Local, central, national, and global

Factors of production that are used in the production of goods and services...

• Resources

• Price

• Costs

• Goods

What is the name for a tax paid for the manufacture or sale of certain goods and services?

• Excise tax

• Permanent tax

• Tariff

• Government tax

What type of tax is imposed on products like gasoline, alcohol, and cigarettes?

• Excise tax

• Luxury tax

• Sales tax

• Severance tax

Which of these is a type of resource?

• Land

• Capital

• Enterprise

• All of the above

The economic system that emphasizes freedom of choice, individual incentive and opportunity for making profit is...

• Socialism

• Capitalism

• Communism

• Mixed

What is a monopoly?

• A fun board game for the entire family!

• A rich company

• Where a company has control over the production of a product

• The act of selling a lot of a product to a trading partner without receiving anything in return.

When we do not have enough resources to satisfy peoples' unlimited wants...

• Choice

• Opportunity

• Scarcity

• Production Possibility Frontier

Which of the following goods would be considered complements?

• Hot dogs and hot dog buns

• Pen and pencil

• Tea and coffee

• Coke and Pepsi