econ unit 1 quiz 1 and 2

Q2) Which of the following scenarios best describes a traditional economic system?

A farmer who uses a once-acre farm to grow all the vegetables his family will need over the course of a growing season.

which of the following scenarios best explains scarcity?

A man has $20 but wats to take his girlfriend to a fancy steak restaurant where he will need $70.

Which of the following scenarios is NOT based on economic perspective?

A young man bought an old car without giving much thought to the costs associated with needing to fix the vehicle.

Q2) Which philosopher is most associated with the market economy?

Adam Smith

Q2) What country or region best exemplifies a traditional economy?

Amazon rainforest of South America

Q2) Concepts in the market economic system stem from the _______________.

Enlightment

Which government agency deals most directly with consumers and their rights and protection?

Federal trade commission

Q2) The creatores of the mixed economic system came from ____________.

Great Britain

what aspect of government spending recently increased greatly in the spring of 2010?

Healthcare spending

To purchase a _______, one must have good credit.

House

The things you miss out on when you decide to spend your money on something else refers to ___________.

Opportunity cost

Credit refers to a ______________.

a consumer's record of going into and getting out of debt in faithful and puntual way.

Consumers have the biggest responsibility to __________.

educate themselves about the products they are interested in, including the benefits and potential costs or problems.

Q2) Which of the following is Not a characteristic of a command economic system?

encouragement of the pursuit of wealth

What is the purpose of interest?

for the lender to make money in exhange for giving money to those who need it.

Q2) Which or the following is NOT characteristic of a market economic system?

lack of private ownership of resources

What portion of U.S spending made up the largest percentage of the 2010 budget?

military spending

When a shopper makes a rational choice, he or she _________________.

picks the item that represents the greatest value.

In 1962, President John F. Kennedy made a speech where he spelled out the rights that a consumer has when purchasing something. Wich on of these rights was NOT included in Mr. Kennedy's speech?

right to redress

What country's collapse greatly altered U.S. military spending?

russia

Q2) The necessity of a "double coincidence of wants" is a major problem with _____________.

the barter system

What country owns a large portion of U.S debt?

China

Q2) What is the importance of Karl Marz and Fredrich Engels?

They preached the idea that capitalism was inherently flawed and the society will only improve when the workers take control of the economy.

Which of the following are major economic issues that affect our lives today? multiple answers...

a. Government regulation b. Social security c. Military spending d. Healthcare e. Unemployment

What segment of U.S. society represents a threat to the social security system?

baby boom generation

Q2) Transactions in a traditional economy are typically done with _________________.

barter or trade.