11) Consider the following economic agents:

a.the government

b. consumers

c.producers

Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?

A) the government

B) producers

C) consumers

D) consumers and producers

E) the government, consumers and producers

12) The decision about what goods and services will be produced made in a market economy is made by

A) lawmakers in the government voting on what will be produced.

B) workers deciding to produce only what the boss says must be produced.

C) producers deciding what society wants most.

D) consumers and firms choosing which goods and services to buy or produce.

E) consumers dictating to firms what they need most.

13) Which of the following statements about the economic decisions consumers, firms, and the government have to make is false? 

A) Governments face the problem of scarcity in making economic decisions.

B) Only individuals face scarcity; firms and the government do not.

C) Both firms and individuals face scarcity.

D) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.

14) Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?

A) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others.

B) Failure to do this could lead to an inequitable allocation of goods and services produced.

C) Failure to do this could lead to drastic shortages of good and services.

D) Failure to do this could reduces efficiency and leads to an inequitable allocation of output.

15) Who receives the most of what is produced in a market economy?

A) lawmakers and other politically favored groups

B) those who are willing and able to buy them

C) everyone receives an equal amount

D) people who earn the highest incomes

16) How are the fundamental economic decisions determined in North Korea?

A) Individuals, firms, and the government interact in a market to make these economic decisions.

B) These decisions are made by the country's elders who have had much experience in answering these questions.

C) The government decides because North Korea is a centrally planned economy.

D) The United Nations decides because North Korea is a developing economy.

17) How are the fundamental economic questions answered in a market economy?

A) The government alone decides the answers.

B) Individuals, firms, and the government interact in markets to decide the answers to these questions.

C) Households and firms interact in markets to decide the answers to these questions.

D) Large corporations alone decide the answers.

18) Which of the following is a problem inherent in centrally planned economies?

A) Households and firms make poor decisions in choosing how resources are allocated.

B) There is too little production of low-cost, high-quality goods and services.

C) Production managers are more concerned with satisfying consumer wants than with satisfying government's orders .

D) Exports tend to exceed imports.

19) All of the following contributed to the downfall of the Soviet Union in 1991 except

A) public dissatisfaction with low living standards and political repression.

B) an inability to produce low-cost consumer goods that households wanted.

C) lack of high-quality goods and services.

D) lack of a strong dictator who can coordinate economic activities.

20) ________ is a situation in which a good or service is produced at the lowest possible cost.

A) Allocative efficiency

B) Productive efficiency

C) Equity

D) Optimal marginalism

11) Consider the following economic agents:

a.the government

b. consumers

c.producers

Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?

A) the government

B) producers

C) consumers

D) consumers and producers

E) the government, consumers and producers

12) The decision about what goods and services will be produced made in a market economy is made by

A) lawmakers in the government voting on what will be produced.

B) workers deciding to produce only what the boss says must be produced.

C) producers deciding what society wants most.

D) consumers and firms choosing which goods and services to buy or produce.

E) consumers dictating to firms what they need most.

13) Which of the following statements about the economic decisions consumers, firms, and the government have to make is false? 

A) Governments face the problem of scarcity in making economic decisions.

B) Only individuals face scarcity; firms and the government do not.

C) Both firms and individuals face scarcity.

D) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.

14) Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?

A) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others.

B) Failure to do this could lead to an inequitable allocation of goods and services produced.

C) Failure to do this could lead to drastic shortages of good and services.

D) Failure to do this could reduces efficiency and leads to an inequitable allocation of output.

15) Who receives the most of what is produced in a market economy?

A) lawmakers and other politically favored groups

B) those who are willing and able to buy them

C) everyone receives an equal amount

D) people who earn the highest incomes

16) How are the fundamental economic decisions determined in North Korea?

A) Individuals, firms, and the government interact in a market to make these economic decisions.

B) These decisions are made by the country's elders who have had much experience in answering these questions.

C) The government decides because North Korea is a centrally planned economy.

D) The United Nations decides because North Korea is a developing economy.

17) How are the fundamental economic questions answered in a market economy?

A) The government alone decides the answers.

B) Individuals, firms, and the government interact in markets to decide the answers to these questions.

C) Households and firms interact in markets to decide the answers to these questions.

D) Large corporations alone decide the answers.

18) Which of the following is a problem inherent in centrally planned economies?

A) Households and firms make poor decisions in choosing how resources are allocated.

B) There is too little production of low-cost, high-quality goods and services.

C) Production managers are more concerned with satisfying consumer wants than with satisfying government's orders .

D) Exports tend to exceed imports.

19) All of the following contributed to the downfall of the Soviet Union in 1991 except

A) public dissatisfaction with low living standards and political repression.

B) an inability to produce low-cost consumer goods that households wanted.

C) lack of high-quality goods and services.

D) lack of a strong dictator who can coordinate economic activities.

20) ________ is a situation in which a good or service is produced at the lowest possible cost.

A) Allocative efficiency

B) Productive efficiency

C) Equity

D) Optimal marginalism

11) Consider the following economic agents:

a.the government

b. consumers

c.producers

Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?

A) the government

B) producers

C) consumers

D) consumers and producers

E) the government, consumers and producers

12) The decision about what goods and services will be produced made in a market economy is made by

A) lawmakers in the government voting on what will be produced.

B) workers deciding to produce only what the boss says must be produced.

C) producers deciding what society wants most.

D) consumers and firms choosing which goods and services to buy or produce.

E) consumers dictating to firms what they need most.

13) Which of the following statements about the economic decisions consumers, firms, and the government have to make is false? 

A) Governments face the problem of scarcity in making economic decisions.

B) Only individuals face scarcity; firms and the government do not.

C) Both firms and individuals face scarcity.

D) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.

14) Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?

A) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others.

B) Failure to do this could lead to an inequitable allocation of goods and services produced.

C) Failure to do this could lead to drastic shortages of good and services.

D) Failure to do this could reduces efficiency and leads to an inequitable allocation of output.

15) Who receives the most of what is produced in a market economy?

A) lawmakers and other politically favored groups

B) those who are willing and able to buy them

C) everyone receives an equal amount

D) people who earn the highest incomes

16) How are the fundamental economic decisions determined in North Korea?

A) Individuals, firms, and the government interact in a market to make these economic decisions.

B) These decisions are made by the country's elders who have had much experience in answering these questions.

C) The government decides because North Korea is a centrally planned economy.

D) The United Nations decides because North Korea is a developing economy.

17) How are the fundamental economic questions answered in a market economy?

A) The government alone decides the answers.

B) Individuals, firms, and the government interact in markets to decide the answers to these questions.

C) Households and firms interact in markets to decide the answers to these questions.

D) Large corporations alone decide the answers.

18) Which of the following is a problem inherent in centrally planned economies?

A) Households and firms make poor decisions in choosing how resources are allocated.

B) There is too little production of low-cost, high-quality goods and services.

C) Production managers are more concerned with satisfying consumer wants than with satisfying government's orders .

D) Exports tend to exceed imports.

19) All of the following contributed to the downfall of the Soviet Union in 1991 except

A) public dissatisfaction with low living standards and political repression.

B) an inability to produce low-cost consumer goods that households wanted.

C) lack of high-quality goods and services.

D) lack of a strong dictator who can coordinate economic activities.

20) ________ is a situation in which a good or service is produced at the lowest possible cost.

A) Allocative efficiency

B) Productive efficiency

C) Equity

D) Optimal marginalism

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