In a republic, elected officials create __________ to regulate the economy.
answer
Laws
question
A pure market economy is sometimes called pure ____________.
answer
Capitalism
question
In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of ____________.
answer
Creating an innovative product.
question
How could a graph that shows the US unemployment rate from August 2010 to November 2011 help the US government?
answer
They could use it to make an economic prediction.
question
In a command economy, a cotton farm floods after a heavy storm. The repair work most likely will be paid by _____________.
answer
The government group that runs the farm.
question
What role do government agencies play in a mixed market economy?
answer
They regulate some aspects of production and distribution.
question
What are the cons of a mized market economy for most citizens?
answer
There may be a sizable gap between the rich and poor people.
Citizens must pay for most basic necessities by themselves.
There is no guarantee of steady employment for most citizens.
Citizens often purchase their own health care and higher education.
question
Which situation best reflects the concept of free enterprise?
answer
Free enterprise is the competition between businesses. So consumers have a choice between bakeries in a single city block.
question
How do economists use data?
answer
They use it to follow and predict unemployment rates and to explain trends in production and shipping.
question
Economic patterns help economists make forecasts, which are also called _____________.
answer
Predictions
question
New technology in ______________ allows producers to use materials from all over the world to manufacture goods.
answer
Shipping
question
Opportunity cost means that something must be ______________.
answer
given up
question
"Everyone's rights should be protected" is an argument_________________.
answer
For regulation.
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