VirtualSC Honors Economics Final Exam || ANSWERED || A+ GRADED

In which of these systems is the government most likely to provide people with goods and services they could not otherwise afford? Select one: A command economy A market economy A traditional economy A free-enterprise economy - CORRECT ANSWER A command economy Which of the factors of production involves taking risks and combining resources to provide a good or service? Select one: Entrepreneurship Land Capital Labor - CORRECT ANSWER Entrepreneurship Economics is best defined as the study of how societies deal with which of the following? Select one: The problem scarcity The factors of production The paradox of wealth The division of labor - CORRECT ANSWER The problem scarcity Which statement describes a disadvantage of a command economy? Select one: Items tend to be made solely for the sake of profit. It can't "change direction" easily. It doesn't help the disadvantaged obtain the goods and services they need. Nothing stops the government from producing things people don't need. - CORRECT ANSWER Nothing stops the government from producing things people don't need. Within the market system, prices are determined by which of the following _____ ? Select one: a central planning committee buyers and sellers (demand and supply) opportunity cost the Federal Reserve - CORRECT ANSWER buyers and sellers (demand and supply) In a command economy, prices may be determined by _____ . the Federal Reserve a central planning committee supply and demand opportunity cost - CORRECT ANSWER a central planning committee In a mixed economy _____ . firms do not compete with one another markets are not present the government owns all factors of production firms can enter and exit the market as they wish - CORRECT ANSWER firms can enter and exit the market as they wish When one decision is made, the next best alternative not chosen is called which term? Select one: Opportunity cost Scarcity Economic resource Production - CORRECT ANSWER opportunity cost Which of the following statements is NOT an example of a market economy? Select one: Sellers can enter and exit the market. Consumers can choose what they want to buy. Government ownership of the factors of production. Competition among sellers of products. - CORRECT ANSWER government ownership of the factors of production Which of the following is an example of capital? Select one: Oil A factory A construction worker A cheeseburger dinner - CORRECT ANSWER a factory Mineral deposits, human capital, and entrepreneurship use of technology and machinery are all examples of which of the following _____ ? Select one: elements sometimes needed to move an existing company overseas material wants and needs the Circular Flow model factors of production - CORRECT ANSWER factors of production How are transactions shaped in a traditional economy? Select one: Individuals form networks within which they buy, sell, and trade as they choose. Each community decides as a group for whom the group will produce. Elders and ancestors make certain that things are done in specific ways. The three basic questions of production do not arise in this type of economy. - CORRECT ANSWER Elders and ancestors make certain that things are done in specific ways. What kind of economy offers the same wage no matter how productive a person is? Select one: Traditional economies Market economies All economies Command economies - CORRECT ANSWER command economies market economy - CORRECT ANSWER Economic system in which private citizens own and use resources to make a profit mixed economy - CORRECT ANSWER Economic system that has some combination of traditional, command, and market economies command economy - CORRECT ANSWER Economic system in which a central authority makes the major economic decisions economic system - CORRECT ANSWER Efficient way of allocating resources and producing and distributing goods and services in a society traditional economy - CORRECT ANSWER Economic system in which economic activity is the result of ritual, habit, or custom land - CORRECT ANSWER a river capital - CORRECT ANSWER a bulldozer labor - CORRECT ANSWER time spent making a pizza at a restaurant Why are consumers powerful? Select one: Their decisions force businesses to behave ethically. They have more rights than corporations. They help decide a business's opportunity costs. They drive decisions about what to produce. - CORRECT ANSWER they drive decisions about what to produce Which country is an example of a capitalist economy? Select one: North Korea South Korea Venezuela Cuba - CORRECT ANSWER south korea