Question

In a mixed economy, how is output allocated?

Question 1 options:

	Via the market mechanism
	By the political process
	Partly by the market mechanism and partly by the political process.
	By the central planner

Fruit canning plants in Malaysia are relatively labor intensive and those in the US are relatively capital intensive. An economist would say:

Question 2 options:

	firms select methods of production to reflect relative factor prices in their locations.
	economists would be stumped to explain such a discrepancy.
	one of these plants must have selected an incorrect technology for canning fruit.
	Malaysia has a lower income than the US because it doesn't employ enough capital in production.

All societies need to decide (1) What to produce, (2) How to produce it, and (3) How to distribute production among members of a society. Engineers are particularly helpful in determining:

Question 3 options:

	How to produce the goods and services.
	How to determine what good and services to produce.
	How to determine who should get the goods and services once produced.
	How to produce the goods and services, and how to determine who should get the goods and services once produced.

Which of the following is categorized as land in general economic models?

Question 4 options:

	All of the choices are considered land.
	Iron ore
	A rice paddy
	Salmon

What is the opportunity cost of Luke going to Alderon with Obi-Wan?

Question 5 options:

	Going home to Uncle Owen
	$17,000
	Zero
	$10,000

Answer 1

Question 1:

In a mixed economy, output is allocated by the central planner.

Question 2:

An economist would say, firms select methods of production to reflect relative factor prices in their locations.

Question 3:

Engineers are particularly helpful in determining, how to determine who should get the goods and services once produced.

Question 4:

All of the choices are considered land, is categorized as land in general economic models.