AnswersPersonal Finance - SC 26-27 For CreditEconomic Systems and Daily Life

Economic Systems and Daily Life — Unit test Answers

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21
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What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy
22
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What is one way a command economy affects the lives of private citizens?

A
Citizens cannot make most economic decisions.
B
Citizens can only work in factories or on farms.
C
Citizens must pay for their own health care.
D
Citizens have limited access to education.
23

On a production possibility curve, data points that fall outside of the curve represent

A
an inefficient allocation of resources.
B
a balanced allocation of resources.
C
ideal production.
D
a currently unattainable production.
24

The questions of economics address which of the following? Choose three answers.

A
who
B
what
C
where
D
when
E
why
F
how
25

When compared to a mixed-market economy, a command economy typically has

A
more private ownership.
B
more government control over production.
C
strong consumer-buying power.
D
a greater chance for a high income.

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