SSE Economics Test Prep | Baamboozle - Baamboozle

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Use this to prep for your SSE Economics Test

Study Slideshow

True or False: The United States government has some elements that could be considered socialist.

True

5

True or False: The public school system is an example of communism in America

False: It is an example of socialism: Tax money is being used to support all citizens.

5

What is opportunity cost?

The choice you give up when you have to decide between two or more choices.

5

If you are studying Economics, what are you studying?

How we as humans use limited resources when we have unlimited wants.

10

What is scarcity?

The reality we don't have enough money, time, or resources to get everything we want.

10

Anything used to make a good is called what?

Input

5

If making a computer, the glass and metal used in it would be which type of input?

Land

5

If making a puzzle, the machines to cut the pieces would be which type of input?

Capital

5

If making a restaurant, the construction workers would be which type of input?

Labor

5

Explain the differences between market and command economies.

Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.

10

Name the four types of economic systems (Hint: Not capitalism, communism, etc...)

Market, Command, Traditional, Mixed

10

Provide an example of a situation where you would see a mixed economy.

This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.

10

How would the U.S. change if we had a pure market economy?

All decisions would be made by businesses. The government could not restrict them.

10

True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.

True

5

Which type of economy do we have in the United States? Traditional, command, market, or mixed?

Mixed

5

The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?

Command

5