Question

can you answer these

Which nation has a communist command economy?

Norway
North Korea
South Korea
the United States

One method for studying opportunity cost is to think in terms of

risk and ability.
pros and cons.
tradeoffs
trial and error.

What kind of economy uses a free-enterprise system?

a closed economy
a command economy
a market economy
a traditional economy


Which resource is renewable?

gold
coal
lumber
minerals

Jose realized that the only dining options in his community are at local restaurants where the wait time is often excessive. He decides to purchase and operate his own food truck in the area.

Which indicates that Jose is exercising free enterprise?

Jose allows the other dining establishments to set his menu.
Jose shares ownership with the local government which will also determine its location.
Jose can control how he conducts his food truck business.
Jose parks his food truck five miles from the closest eat-in restaurant to avoid competition.

Answer 1

1. North Korea — it has a communist command economy.

2. Tradeoffs — opportunity cost is about the alternatives you give up.

3. Market economy — a free-enterprise system is characteristic of market economies.

4. Lumber — it can be renewed/grown; gold, coal, and other minerals are nonrenewable.

5. Jose can control how he conducts his food truck business — that shows free enterprise (private control and decision-making).