Economic Systems Comprehension Check

According to the table what will happen if the price of pizza is decreased from $2.50 a slice to $1.00 a slice.

• Customers won't buy as much pizza.

• Profits for the pizza maker will increase per slice.

• There will not be enough pizza produced.

• The cost of producing a slice of pizza will rise.

What pair of economic systems best completes this chart?

• Free Market - Traditional

• Command - Free Market

• Command - Traditional

• Mixed - Free Market

According to this chart what is the equilibrium price?

• $1

• $2

• $3

• $4

According to what we know what can we expect prices to be like for the product indicated by the scale?

• Higher than normal

• Lower than normal

• The same as normal

• Unaffected by supply and demand

What would best replace the question marks in the chart?

• Choices

• Profit

• Competition

• Government Involvement

Every economy must answer each of the following questions EXCEPT?

• What will be produced?

• For whom is it being produced?

• What will it cost?

• Who will produce it?

Which economic factor has most likely determined the price in this picture?

• Capital

• Scarcity

• Demand

• Opportunity Cost

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The extra money she could earn

• The additional hours she spends at the job

• The time she could spend studying

• The new clothes she could buy

All economies must deal with the problem of?

• Competition

• Profits

• Scarcity

• Consumer Sovereignty

What form of economic system do we have here in the United States?

• Command

• Traditional

• Free Market

• Mixed