Economy - Chapter 2
A short quiz about Chapter 2 of Economics.
- 1.What is the economic system?
- A.
The method used by a society to produce and distribute goods and services.
- B.
The method used by a society to produce and distribute air and water.
- 2.What are factor payments?
- A.
The income people receive for supplying money in banana peels.
- B.
The income people receive for supplying factors of production- land, labor, capital or entrepreneurship
- 3.Define Patriotism.
- A.
The love of ones country - the passion that inspires a person to serve his or her country
- B.
The love of ones pet or child.
- 4.Relies on habit, custom, or ritual to deicide what to produce, how to produce it, and to whom to distribute it.
- A.
Traditional Economy
- B.
Extraordinary Economy.
- 5.Market Economy.
- A.
Economic decisions are made by individuals and are based on exchange, or trade
- B.
Level of economic prosperity
- 6.The central government alone decides how to answer all three key economic questions.
- A.
Horizontally Planned Economy
- B.
Centrally Planned Economy
- 7.What is profit?
- A.
Financial gain.
- B.
Financial loss.
- 8.The hope of reward of the fear of punishment that encourages a person to behave in a certain way.
- A.
Incentive
- B.
Self-interest
- 9.The power of consumers to decide what gets produced
- A.
Socialism
- B.
Consumer sovereignty.
- 10.Characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
- A.
Communism
- B.
Socialism
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