The three fundamental economic questions are
TCI 3.1-3.4 Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Tyler Holmes
Used 9+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
how much credit to extend, at what cost, and for whom?
what to produce, how, and for whom?
how many jobs to create, when, and for whom?
what currency to use, at what value, and how to exchange it?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does every society face difficult choices in deciding what to produce?
Each society has limited resources and limited wants.
Each society has unlimited resources and limited wants.
Each society has limited resources but unlimited wants.
Each society has unlimited resources and unlimited wants.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability to make our own economic decisions without interference from the government is called
economic equity
economic freedom
economic growth
economic stability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A society that values economic equity seeks to
provide its poorer members with food, shelter, and health care to live decently
ensure that the good and services we rely on are always there
provide a job to everyone who seeks one
give everyone a fair share of the economic pie
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic goal is encroached upon when the government taxes your wages in order to provide unemployment benefits to help those out of work?
economic equity
economic stability
economic freedom
economic efficiency
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market economies
call for property to be owned by society as a whole for the equal benefit of all
ensure that all property is owned by all members of society, and government is no longer needed
are inefficient and wasteful, resulting in very slow production of shoddy products
are highly efficient at producing goods and services that people want and are willing to pay for
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the circular flow model illustrate?
It shows how money, goods, and resources move through a market economy
It explains the theory of the overthrow of capitalism and the development of communism
It illustrates the differences among traditional, command, and market economies
It depicts the key characteristics of the United States economic system
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