Answers EconomicsIntroduction to Economics

Introduction to Economics — Test Answers

25 verified answers

What are the basic types of resources used by producers? Choose three correct answers.

scarcity

labor

capital

value

land

Private property is land or goods

used by state officials.

owned by an individual.

used for taxation.

owned by the government.

Assessing opportunity cost involves

minimizing profit and loss.

making choices and dealing with consequences.

choosing consequences over rewards.

reviewing past decisions and changing them.

Which statement best describes a command economy?

Producers and consumers make some economic choices while the government makes others.

The decisions made by producers and consumers drive all economic choices.

The government determines economic choices and makes most decisions.

Government intervention in economic choices is strictly forbidden.

The most common economic system in the world is a

command economy.

mixed market economy.

closed economy.

traditional economy.

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