please please oh please help me?

Question by mekay: please please oh please help me?
1.Which of the following statements describes the economic goal of efficiency?
A. A country wants to provide all needs and wants of citizens.
B. A country understands how to best utilize its resources to reach maximum output.
C. A country ensures that all citizens have a great deal of freedom in making choices.
D. A country desires to see the economy grow and invests money in research for better technology.
2.
Markets are necessary because no one is able to provide all of their needs.
A. true
B. false
3.

In centrally planned economies, the government owns most of the factors of production.
A. true
B. false
4.
Which of the following statements describes the economic goal of security?
A. The government provides an unemployment insurance program.
B. The government prohibits the sale of tobacco to minors.
C. The government provides tax relief to large businesses.
D. The government allows companies to pay below minimum wage to certain occupations.
5.
Which of the following is NOT one of the three key economic questions?
A. What will be produced?
B. Who will consume what is produced?
C. Who will produce it?
D. How will it be produced?
6.
Economic systems must answer the three economic questions because resources are scarce.
A. true
B. false
7.
Adam Smith's concept of the "invisible hand" plays an important role in centrally planned economies.
A. true
B. false
8.
Which of the following ensures that consumers will be able to purchase products at the lowest possible price?
A. competition
B. self-interest
C. opportunity costs
D. cultural traditions
9.
Which of the following is NOT considered a market?
A. Looking for a computer ad on a bulletin board.
B. Standing in an unemployment line.
C. Buying food from a grocery store.
D. Ordering a book from an Internet bookseller website.
10.
Which of the following is best described by this statement: "While the public technically owns the factors of production, it is the government that oversees (through planners) the allocation of resources and makes economic decisions."
A. traditional economy
B. capitalism
C. socialism
D. communism
11.
The term "laissez faire" means that the government is not involved or is involved on a very limited basis in the economy.
A. true
B. false
12.
Most economies in the world today are purely free market economies.
A. true
B. false
13.
This is NOT one of the important questions when countries decide how to allocate income: "Who will consume what is produced?"
A. true
B. false


Best answer:

Answer by TruthMastaT
1.Which of the following statements describes the economic goal of efficiency?
C. A country ensures that all citizens have a great deal of freedom in making choices.
(I'm not sure about this one.)

2. Markets are necessary because no one is able to provide all of their needs.
A. true

3. In centrally planned economies, the government owns most of the factors of production.
A. true
(However, it is possible for the factors of production to be privately owned and controlled by the government.)

4. Which of the following statements describes the economic goal of security?
A. The government provides an unemployment insurance program.
(I'm pretty sure.)

5. Which of the following is NOT one of the three key economic questions?
D. How will it be produced?

6. Economic systems must answer the three economic questions because resources are scarce.
A. true

7. Adam Smith's concept of the "invisible hand" plays an important role in centrally planned economies.
B. false

8. Which of the following ensures that consumers will be able to purchase products at the lowest possible price?
A. competition

9. Which of the following is NOT considered a market?
B. Standing in an unemployment line.
(Not sure about this one.)

10. Which of the following is best described by this statement: "While the public technically owns the factors of production, it is the government that oversees (through planners) the allocation of resources and makes economic decisions."
C. socialism
D. communism
(I think it's Communism but not sure.)

11. The term "laissez faire" means that the government is not involved or is involved on a very limited basis in the economy.
A. true

12. Most economies in the world today are purely free market economies.
B. false

13. This is NOT one of the important questions when countries decide how to allocate income: "Who will consume what is produced?"
(Not sure about this one.)

Good luck!

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