Question

economic systems and opportunity cost quiz

1. an economic system is

a. method of setting prices in a market
b. method used by a society to produce and distribute goods
c. method to control choices people make
d. something mr. florez made up to confuse me

1. which of the following is not one of the three key economic questions?

a. what goods and services will be produced?
b. how will these goods and services be produced?
c. what natural resources are used to make the goods?
d. who will consume these goods and services?

1. the goal of economic efficiency relates to

a. maximum output
b. individuals are free to choose
c. everyone has the minimum
d. distribution of output is more fair
e. more stuff/may create change

1. the goal of economic security and predictability relates to

a. maximum output
b. individuals are free to choose
c. everyone has the minimum
d. distribution of output is more fair
e. more stuff/may create change

1. the goal of economic freedom relates to

a. maximum output
b. individuals are free to choose
c. everyone has the minimum
d. distribution of output is more fair
e. more stuff/may create change

1. the goal of economic growth and innovation relates to

a. maximum output
b. individuals are free to choose
c. everyone has the minimum
d. distribution of output is more fair
e. more stuff/may create change

1. the goal of economic equity relates to

a. maximum output
b. individuals are free to choose
c. everyone has the minimum
d. distribution of output is more fair
e. more stuff/may create change

1. which economy is all about the ancestors?

a. traditional
b. centrally planned
c. free market
d. mixed economy

Explanation:

Question 1

An economic system is the method a society uses to produce and distribute goods. Option a is about price - setting, not the whole economic system. Option c is about controlling choices, which is not the main definition. Option d is a joke option. So the correct answer is b.

The three key economic questions are what to produce, how to produce, and for whom to produce (who will consume). Option c about natural resources used is not one of the three key questions.

Economic efficiency is about getting the maximum output from available resources. Option b is about economic freedom, option c is about economic security, option d is about economic equity, and option e is about economic growth. So the correct answer is a.

Answer:

b. Method used by a society to produce and distribute goods

Question 2