Applied Economics: Allocation
Quiz
•
Other
•
11th - 12th Grade
•
Medium
Gee Endo
Used 12+ times
FREE Resource
7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The social mechanism of disturbing limited resources to meet expanding human wants.
tradition
allocation
wealth
social science
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Products of nature, qualities of individuals and man-made things that can provide satisfaction or value currently or in the future.
scarcity
resources
wealth
market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is an allocation mechanism in which the state or an agency of the government maybe in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution.
tradition as an allocation mechanism
command as an allocation mechanism
market system as an allocation mechanism
mixed system as an allocation mechanism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This type of allocation mechanism uses culture, social norms, to temper wants, and encourages producers to expand production in the light of the problem of scarcity. This system is made through the formation of simple of human wants which are shaped by social norms and values.
market system as an allocation mechanism
command as an allocation mechanism
tradition as an allocation mechanism
mixed as an allocation mechanism
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A mechanism of allocation where the state or an agency of the government are in charge of the distribution of resources and in answering of the basic economic questions of production and consumption.
tradition system
command system
market system
mixed system
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An allocation mechanism where changes in the market price can address the problem of scarcity and answer the basic economic problems of production and distribution.
market system
command system
tradition system
mixed system
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A social science that deals with the allocation of scare resources to meet the increasing human wants.
Economics
Scarcity
Wealth
Allocation
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