EPF 1st Semester Exam Review
Flashcard
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Other
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10th Grade
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Practice Problem
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Hard
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58 questions
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1.
FLASHCARD QUESTION
Front
Connor is starting a bakery and needs to make some important decisions. Which of the following is not one of the three basic economic questions he should consider?
How will it be produced?
For whom will it be produced?
What will be produced?
Back
What will be charged?
Answer explanation
The three basic economic questions are: What will be produced? How will it be produced? For whom will it be produced? 'What will be charged?' is not one of these fundamental questions.
2.
FLASHCARD QUESTION
Front
Which of the following is, or could be, an example of a traditional economy? North Korea, Spain, a small rural community, The Soviet Union
Back
A small rural community
Answer explanation
A small rural community typically relies on traditional practices, such as farming and barter, making it a clear example of a traditional economy. In contrast, North Korea, Spain, and the Soviet Union have more complex economic systems.
3.
FLASHCARD QUESTION
Front
Which of the following has a command economy: The United States, Spain, England, North Korea?
Back
North Korea
Answer explanation
North Korea has a command economy, where the government makes all economic decisions. In contrast, the United States, Spain, and England have market economies, where supply and demand dictate production and pricing.
4.
FLASHCARD QUESTION
Front
Abby runs a small bakery and notices that the government rarely interferes with how she sets prices or chooses suppliers. What does this approach most closely mean in economic policy?
Back
Government allows markets to operate with minimal intervention
Answer explanation
The government's minimal interference in Abby's pricing and supplier choices indicates a laissez-faire approach, allowing markets to operate freely without heavy regulation.
5.
FLASHCARD QUESTION
Front
Which country is best described as having a mixed market economy? Options: The Soviet Union under full state control, Norway combining markets and welfare policies, A small rural village with barter trade, North Korea with centralized planning only.
Back
Norway combining markets and welfare policies
Answer explanation
Norway is best described as having a mixed market economy because it combines free market principles with significant government intervention and welfare policies, unlike the other options which represent more extreme economic systems.
6.
FLASHCARD QUESTION
Front
Jahazel is planning a community event and has a limited budget and time. Which statement about scarcity in Jahazel's situation is false? Scarcity means resources are limited, not infinite; Scarcity makes it challenging to allocate resources well; Scarcity forces choices about using time or money; Scarcity implies society’s wants and resources are limitless.
Back
Scarcity implies society’s wants and resources are limitless
Answer explanation
The statement 'Scarcity implies society’s wants and resources are limitless' is false because scarcity indicates that resources are limited, leading to the need for choices in allocation.
7.
FLASHCARD QUESTION
Front
Cartier is deciding how to spend his Saturday afternoon. He can either practice tennis or spend time with a friend. Which option correctly identifies the opportunity cost in this situation?
Back
Practicing tennis means you lose time with a friend; the lost time is the opportunity cost.
Answer explanation
The correct choice highlights that by practicing tennis, Cartier loses the opportunity to spend time with a friend. Therefore, the lost time with the friend is the opportunity cost of choosing tennis.
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