What is the advantage of a free market?
-
It protects the poor and less fortunate
-
All of the above
-
It can help to decrease inflation
-
It's very easy to regulate and make changes
-
It can help encourage growth
If you built a brand new store for your business, what would that be an example of?
Technology Capital
Human Capital
Physical Capital
Social Capital
Which of the following is NOT a key economic question?
-
How should it be ensured that goods and services are paid for?
-
How should goods and services should be produced?
-
What goods and services should be produced?
-
Who consumes these goods and services?
What type of economy would China be characterized as?
-
Mixed, but closer to centrally planned
-
Socialism
-
None of the above
-
Mixed, but closer to a free market
What does the term "efficiency" mean?
-
Using resources to reach the maximum amount of output possible
-
Making the most of one good for consumers
-
Making the most money possible on a good or service
-
All of the above
What do we call it when businesses are struggling to gain consumers' business?
Burnout
Incentive
Competition
Trade-off
Why do we use production possibilities graphs?
-
To increase the economy's output of goods
-
To show how productive workers are being
-
To show how unproductive workers are being
-
Allows us to look at different ways of using our resources
What does the frontier of a production possibilities curve when graphed?
-
How technologically sound the economy is
-
The highest amount of output of goods and services
-
The higher costs which leads to less output
-
How raw sound the economy is
What are the factors of production?
-
The amount of good we take in vs. the amount that we send out
-
The trade-offs that companies make with consumers
-
The resources used to produce all goods
-
The machines used to produce all goods
A production possibilities graph looks at which of the following?
-
Increasing costs over time period
-
Factors of production
-
The opportunity cost of a decision
-
None of these
