Applied Economics: Allocation

Applied Economics: Allocation

11th - 12th Grade

7 Qs

quiz-placeholder

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Applied Economics: Allocation

Applied Economics: Allocation

Assessment

Quiz

Other

11th - 12th Grade

Medium

Created by

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