What type of labor force might a pottery factory want to focus on when hiring?
  • Limited
  • People will look elsewhere for them.
  • Command Economy
  • Highly Skilled
Which of the following would be considered a nonrenewable resource?
  • People will look elsewhere for them.
  • the petroleum used to make trash bags
  • They regulate some aspects of production and distribution.
  • 1,4,6
What might happen if an economy is unable to produce wanted goods and services?
  • People will look elsewhere for them.
  • the petroleum used to make trash bags
  • They regulate some aspects of production and distribution.
  • Highly Skilled
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?
  • creating an innovative product
  • People will look elsewhere for them.
  • John is using available and renewable resouces.
  • They regulate some aspects of production and distribution.
In the free-enterprise system of the United States, the government
  • Makes some economic decisions
  • the petroleum used to make trash bags
  • creating an innovative product
  • Customers Prefer Doughnuts
What role do government agencies play in a mixed market economy?
  • Highly Skilled
  • They regulate some aspects of production and distribution.
  • People will look elsewhere for them.
  • the petroleum used to make trash bags
In a republic, elected officials create to regulate the economy.
  • Laws
  • 3,4,5
  • Makes some economic decisions
  • 1,4,6
Economic patterns help economists make forecasts, which are also called
  • Limited
  • Command Economy
  • Highly Skilled
  • predictions
Which of the following are considered needs? Check all that apply.
  • 3,4,5
  • 1,3,4,6
  • 1,2,3
  • 1,4,6
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?
  • Customers Prefer Doughnuts
  • Command Economy
  • creating an innovative product
  • They regulate some aspects of production and distribution.
The factors of production attempt to instill the idea that resources are
  • Highly Skilled
  • Command Economy
  • Limited
  • 1,3,4,6
What are the basic types of resources used by producers? Check all that apply.
  • 1,3,5
  • 3,4,5
  • 1,26,5
  • 1,3,4,6
How do economists use data? Check all that apply.
  • 1,4,6
  • 1,3,5
  • 1,4
  • 3,4,5
What are the cons of a mixed market economy for most citizens? CHECK ALL THAT APPLY.
  • 1,3,4,6
  • 1,3,5
  • 1,26,5
  • 1,4,6
What are some ways to address unemployment in a market economy? CHECK ALL THAT APPLY.
  • 1,3,4,6
  • 1,26,5
  • 3,4,5
  • 1,3,5
The most common measure of inflation is a statistic called the
  • Consumer Price Index
  • factor market
  • has a changing value
  • There are no guaranteed investments.
Which is an example of how a denomination is divisible?
  • cash and currency in circulation
  • An American dollar is equal is equal to 4 quarters.
  • There are no guaranteed investments.
  • the economy suffers because banks have less money to loan to others.
According to the business cycle, what characteristic indicates that a depression has been reached?
  • aggregate
  • A trough has occurred.
  • Consumer Price Index
  • factor market
Which best describes why investing can be such a challenge?
  • the economy suffers because banks have less money to loan to others.
  • An American dollar is equal is equal to 4 quarters.
  • There are no guaranteed investments.
  • cash and currency in circulation
What term is used in macroeconomics to describe the total supply and the total demand?
  • 2,4,5,6
  • aggregate
  • factor market
  • unemployed
Which of the following best describes the circular flow model?
  • There are no guaranteed investments.
  • the economy suffers because banks have less money to loan to others.
  • An American dollar is equal is equal to 4 quarters.
  • The models represent the movement of money throughout the economy.
What decisions does the business cycle help businesses make? Check all that apply.
  • 2,4,5,6
  • 1,2,5
  • aggregate
  • 2,3,5
Which best describes the economic impact of defaulting on bank loans?
  • 1,2,5
  • An American dollar is equal is equal to 4 quarters.
  • the economy suffers because banks have less money to loan to others.
  • There are no guaranteed investments.
What role does the Federal Reserve play? Check all that apply.
  • 1,2,5
  • 1,6
  • 2,3,5
  • 2,4,5,6
Which is the most liquid form of money?
  • cash and currency in circulation
  • has a changing value
  • There are no guaranteed investments.
  • An American dollar is equal is equal to 4 quarters.
One fact about all currency is that it
  • cash and currency in circulation
  • has a changing value
  • factor market
  • Consumer Price Index
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