Econ
Economists study the production, distribution, and and consumption of:
A) Goods & Services
B) Scarcity
C) Choices
D) Wants & Needs
A) Goods & Services
The three components of an economic system are:
A) Production, goods, and services
B) Production, distribution, consumption
C) Natural, land, and water resources
D) Human, physical, and capital
B) Production, distribution, consumption
Which one of the following questions is NOT one of the three fundamental economic questions?
A) What to produce?
B) For whom should we produce?
C) Where should we buy it?
D) How do we produce it?
C) Where should we buy it
In which system are the economic systems answered by the government?
A) Market
B) Mixed
C) Free
D) Command
D) Command
In which economic system are the questions answered only by the interaction of buyers and sellers?
A) Free
B) Mixed
C) Command
D) Market
D) Market
This is what we call when one company has complete control over a good or service:
A) Tariff
B) Scarcity
C) Monopoly
D) Embargo
C) Monopoly
Improved quality of life is called:
A) Overgrown
B) Less development
C) Underdeveloped
D) Development
D) Development
What economic system is the most popular in countries today?
A) Command
B) Market
C) Free
D) Mixed
D) Mixed
Education, life expectancy, gross domestic product are all....
A) Factors of production
B) Development indicators of a school
C) Infrastructure
D) Human Development Index (HDI)
D) Human Development Index (HDI)
In which system are the economic questions answered by sellers and buyers with some government regulation?
A) Command
B) Market
C) Mixed
D) Free
The total value of all goods and services produced in a country is called
A) Infrastructure
B) GDP
C) Economics
D) Imperialism
B) GDP
The study of how people use resources to produce, distribute, and consume goods and services is called:
A) Factors of Production
B) Factors of Distribution
C) Economics
D) Consumption
C) Economics
Which of the following makes countries of the world interdependent?
A) HEI
B) Specialization And Trade
C) Technology
D) Conflict
B) Specialization & Trade
Which two factors greatly changed global trade?
A) Transportation and Communication
B) Communication and Natural Resources
C) Government and People
D) Countries and Cities
A) Transportation and Communication
Which of the following are factors leading to economic development and growth?
A) Technology, trade, and a mixed economy
B) Frequent natural disasters
C) Unstable government and conflict
D) Limited Infrastructure (roads, water, electricity)
A) Technology, trade, and a mixed economy
Which of the following factors can NEGATIVELY affect economic growth and development?
A) Global Trade
B) Stable Government
C) Natural disasters, lack of land
D) Technology, trade, and a mixed economy
Which one of the following is NOT a factor of production?
A) Natural Resources
B) Water Resources
C) Human Resources
D) Capital Resources
B) Water Resources
Machinery, tools, and factories are all examples of:
A) Natural Resources
B) Capital Resources
C) Human Resources
D) Labor Resources
B) Capital Resources
The pattern in which goods, services, and resources flow between households and businesses is called:
A) Cultural Flow
B) Circular Flow
C) Unified Flow
D) Flo from Progressive
B) Circular Flow
When a good is brought into a country to be sold, we call that an:
A) Transport
B) Teleport
C) Export
D) Import
D) Import