Unit Review Test Questions – Flashcards
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What are the basic types of resources used by producers? Check all that apply.
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1,26,5
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What are the cons of a mixed market economy for most citizens? CHECK ALL THAT APPLY.
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1,3,4,6
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What role do government agencies play in a mixed market economy?
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They regulate some aspects of production and distribution.
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Which of the following would be considered a nonrenewable resource?
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the petroleum used to make trash bags
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In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of
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creating an innovative product
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What might happen if an economy is unable to produce wanted goods and services?
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People will look elsewhere for them.
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In the lesson, you learned about Dave and his bakery. It was mentioned that "in one hour of work, Dave can make either 60 donuts or 30 bagels." Which might help Dave assess whether he should focus on bagels or donuts?
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Customers Prefer Doughnuts
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Which of the following statements about opportunity cost are true? CHECK ALL THAT APPLY.
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1,2,3
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Which of the following are considered needs? Check all that apply.
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1,4,6
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What are some ways to address unemployment in a market economy? CHECK ALL THAT APPLY.
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1,3,5
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In the free-enterprise system of the United States, the government
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Makes some economic decisions
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What are some benefits to private ownership? Check all that apply.
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3,4,5
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The factors of production attempt to instill the idea that resources are
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Limited
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John has a large apple orchard. He has decided to bake pies and sell them at the local farmer's market. Which best describes John's use of economics?
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John is using available and renewable resouces.
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How do economists use data? Check all that apply.
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1,4
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What type of labor force might a pottery factory want to focus on when hiring?
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Highly Skilled
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Economic patterns help economists make forecasts, which are also called
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predictions
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In a republic, elected officials create to regulate the economy.
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Laws
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The government has the right to own all land, buildings, and factories in a
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Command Economy
