Level 1 - B

Which of the Broad Economic Social Goals is most closely associated with a Command economic system?

• Economic Growth

• Economic Freedom

• Economic Security

• All of these are correct

Which of the Broad Economic Social Goals is most closely associated with a Free Enterprise (Market) economic system?

• Economic Freedom

• Economic Security

• Economic Equity

• All of the above

Karl Marx believed that the surplus value of a good that is produced should go to whom?

• The Government

• The Worker

• The Business Owner

• The Consumer

Adam Smith's theory that resources will automatically be pushed to their most productive use because of humans pursuit of self-interest is called...

• Labor Theory of Value

• Pursuit of Happiness

• Invisible Hand Theory

• Wealth of Nations Theory

Which of the following is NOT one of the three basic economic questions?

• Where to produce?

• What to produce?

• How to produce?

• For whom to produce?

Which Broad Economic Social Goal can be argued as being a priority for either a Command or a Market economic system?

• Economic Growth

• Economic Security

• Economic Freedom

• Economic Equity

• Economic Efficiency

Which of the following is NOT one of the characteristics of a Socialist (Command) economic system?

• Resources are owned by individuals in the economy

• Resources are owned by the government

• Decisions about how to use resources is made by central planners

• Emphasis is placed on economic security and equity

Which of the following characteristics is NOT one that would apply to a Market (Free Enterprise) economy?

• Individuals have freedom to start or run a business

• Decisions about how to use resources is made by the government

• Individuals own and control the factors of production

• Emphasis is placed on economic growth

A public policy that increased the minimum wage for workers would most closely align with which type of economic system?

• Free Enterprise

• Socialist

• Market

• Traditional

• Capitalism

A policy that enables high school students to go to a high school outside of their attendance boundary would most closely align with which economic system?

• Socialist

• Market

• Traditional

• Centrally Planned