Warm-up:
A company decides to install more machines and lay off workers. Which economic question is being directly addressed?
A. how to produce
B. what to produce
C. for whom to produce
D. how much to produce
Which of these is a characteristic of a traditional economy?
A. People rely heavily on hunting and farming.
B. Large corporations compete for business.
C. The government generally owns all means of production.
D. Technological advancements encourage growth.
Which of these best describes the United States’ economic system?
A. mixed
B. market
C. command
D. traditional
In a market economy, who decides how resources are used and distributed?
A. a board of trustees
B. a central planning board
C. consumers and producers
D. state and national governments
In which economic system does the government have the most control over a country’s economy?
A. mixed
B. market
C. command
D. traditional
Which of these best explains why state government leaders must carefully evaluate costs and benefits when developing budgets?
A. Taxes can usually be increased to meet needs.
B. Demand for services often exceeds tax revenues.
C. Demand for services is usually satisfied by federal spending.
D. State tax revenues are often matched by federal funds.
Which of these is an economic benefit of tariffs on goods imported into the United States?
A. Prices of goods made in the United States will decrease.
B. The United States will attract more imports into the country.
C. Businesses in the United States will have less competition from foreign manufacturers.
D. Competition among producers of goods and services in the United States will remain the same.
A. how to produce
B. what to produce
C. for whom to produce
D. how much to produce
Which of these is a characteristic of a traditional economy?
A. People rely heavily on hunting and farming.
B. Large corporations compete for business.
C. The government generally owns all means of production.
D. Technological advancements encourage growth.
Which of these best describes the United States’ economic system?
A. mixed
B. market
C. command
D. traditional
In a market economy, who decides how resources are used and distributed?
A. a board of trustees
B. a central planning board
C. consumers and producers
D. state and national governments
In which economic system does the government have the most control over a country’s economy?
A. mixed
B. market
C. command
D. traditional
Which of these best explains why state government leaders must carefully evaluate costs and benefits when developing budgets?
A. Taxes can usually be increased to meet needs.
B. Demand for services often exceeds tax revenues.
C. Demand for services is usually satisfied by federal spending.
D. State tax revenues are often matched by federal funds.
Which of these is an economic benefit of tariffs on goods imported into the United States?
A. Prices of goods made in the United States will decrease.
B. The United States will attract more imports into the country.
C. Businesses in the United States will have less competition from foreign manufacturers.
D. Competition among producers of goods and services in the United States will remain the same.
Objective:
SWBAT analyze the role of scarcity and opportunity cost in government decision-making.