Power and Trade Quiz

What is an economic system?

• A type of government system

• A form of entertainment

• A way in which a society organizes the production, distribution, and consumption of goods and services.

• A method of communication

Name the three types of power.

• political, social, economic

• physical, political, electrical

• social, political, feudalism

• socialism, physical, political

What can political power be used for?

• It can be used to support initiatives to support renewable resources.

• It can be used to pass legislation that helps people access educational funding programs.

• It can be used to push your own views onto your constituents.

• It can be used to gain a social media following

What is social power?

• When influencers go to a convention together.

• Social power being used selfishly.

• Using your social power to persuade others to influence others and have an effect on a situation.

• The power to get a social following and gain fame.

Define trade.

• Trade refers to the transportation of goods and services, while commerce refers to the storage of goods and services.

• Trade involves the exchange of goods and services.

• Trade is the same thing as commerce.

• Trade is only the exchange of goods.

What are the benefits of international trade?

• Decreased economic growth, limited access to goods and services, higher prices for consumers, job loss, and strained international relations.

• No benefits at all.

• Increased economic growth, access to a wider range of goods and services, higher prices for consumers, job loss, and strained international relations.

• Increased economic growth, access to a wider range of goods and services, lower prices for consumers, job creation, and improved international relations.

What is scarcity?

• The economic concept of abundant resources and unlimited wants and needs.

• The economic concept of no resources and unlimited wants and needs.

• The economic concept of unlimited resources and limited wants and needs.

• The economic concept of limited resources and unlimited wants and needs.

Explain the concept of opportunity cost.

• Opportunity cost is the cost of the most expensive alternative chosen.

• Opportunity cost is the cost of the next best alternative foregone.

• Opportunity cost is the cost of the least desirable alternative chosen.

• Opportunity cost is the cost of the same alternative chosen multiple times.

What are natural resources?

• Materials or substances that are found only in man-made structures and can be used for economic gain.

• Materials or substances that are harmful to the environment and can be used for economic gain.

• Materials or substances that are artificially created and can be used for economic gain.

• Materials or substances that occur naturally in the environment and can be used for economic gain.

What is the relationship between scarcity and resources?

• Scarcity is unrelated to the availability of resources.

• Resources are abundant and do not contribute to scarcity.

• Scarcity is caused by excessive resources.

• Scarcity arises due to the limited availability of resources.