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15
×
Which of these best describes economic scarcity?
Limited resources vs. unlimited wants
Equal distribution of wealth
Financial savings
Abundant resources
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15
×
How does inflation generally affect consumers?
Makes goods cheaper
Increases purchasing power
No effect
Reduces purchasing power
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lifesaver
Give 20 points!
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rocket
Go to first place!
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fairy
Take points!
5
10
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25
×
lifesaver
Give 10 points!
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15
×
In a market economy, how are prices primarily determined?
By supply and demand
By nonprofit organizations
By government regulations
By consumer needs
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seesaw
Swap points!
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star
Double points!
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gift
Win 20 points!
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lifesaver
Give 25 points!
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15
×
What is an opportunity cost?
Cost of new opportunities
Value of the next best alternative
Price increase over time
Expenses of daily needs
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boom
Lose 50 points!
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magnet
Take 10 points!
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rocket
Go to first place!
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banana
Go to last place!
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20
×
What are the potential ethical issues that firms may face when focusing solely on profit maximization? Use an example to illustrate your answer.
Answers may vary - explore the balance between profit and social responsibility
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15
×
What type of economy prioritizes state ownership and central planning?
Command economy
Capitalist economy
Market economy
Mixed economy
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15
×
What is scarcity in economics?
When there are limited resources to meet unlimited wants
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15
×
In a command economy, resource allocation is primarily decided by...
The government
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15
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What is a major role of government in controlling inflation?
Setting interest rates
Closing international trade
Lowering wages
Increasing supply of goods
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15
×
Which group was partly responsible for inaccurate ratings of financial products in 2008?
Credit rating agencies
Real estate agents
Consumers
Federal Reserve
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25
×
How can governments use taxes to influence the economy?
Increasing taxes can reduce spending, while lowering taxes can boost demand.
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25
×
What does deregulation in financial markets mean?
Reducing government rules and oversight of financial institutions.
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thief
Give points!
5
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15
20
25
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rocket
Go to first place!
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shark
Other team loses 10 points!
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thief
Give points!
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25
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