True or False: Welath is equally distributed around the world
What is False
100
Because of (blank) we have to make choices.
What is scarcity
100
Government aid to the poor
What is welfare
100
Something essential for survival
What is need
100
the process of bringing in new ideas, products or new methods is called
What is innovation
200
In what type of economy does the government make all the decisions
What is command
200
Actions or activities that one performs instead of another
What is trade-off
200
Someone who doesn't pay for goods and services but benefits from them anyway is called a
What is Free Rider
200
All natural resources used to make goods and services
What is land
200
Warning labels, nutritional facts, possible side effects must be listed due to what type of law
What is public disclosure laws
300
Which of the following is a characteristic of a traditional economy. A) distributes good equally B) easy to regulate
C)High standard of living D) everyone knows their roles
What is D) everyone knows their roles
300
The more desirable alternative to a decision is called
What is opportunity cost
300
Concerns of the public as a whole
What is public interest
300
GDP is measured in what period of time?
What is one year broken into four quarters
300
When a company is not using all of their resources efficently this is called
What is underutilization
400
This man came up with the idea of a hands off economy the "invisible hand" approach
What is Adam Smith
400
When the government is deciding between using their resources towards the military or domestic needs this is called a...
What is guns and butter issue
400
If a private company is in charge of building an maintaining the road systems but charges high fees to use the roads and only maintains the heavily populated areas this would be an example of a...
What is a market failure
400
One example of an entrepreneur is a)a writer hired by a film studio b) secretary at a law frim c) an artist who runs a business painting murals d)an ice skater who is part of a professional show
What is c)
400
Which of the following is not an example of a cash transfer a) TANF b) Grants c)Social Security d)Unemployment insurance
What is b) grants
500
What are the three questions?
What is What should be produced? How should it be produced? Who should consume it?
500
Which of the following is an example of a shortage? A) water cannot be used to irrage because it is being used somewhere else B)beanie babies are not available becuase few people want to buy them C)a type of doll is not available because a limited amount wer made D)workers are not availabe because they are on vacation
What is C)
500
List off four characteristics of the American Free Enterprise
What is open opportunity, legal equality, private property rights, profit motive, voluntary exchange, free contract
500
Business cycles occur in the United States because... a)govt. policy creates cycles b) the efficency of workers fluctuate c) standard of living is high d) economic decisions about factors of production are determined by the market