Which of the following is not a good

Someone who owns and opeartes their own business

Government should stay “hands off” in business.

Property owned by individuals

The concentration of productive efforts on limited skills

Which of the following is a public good or service?

The most desirable thing given up when you make a choice

Which of the following is not a cash transfer safey net?

The total of all goods and services created by a nation in one year

Which of the following best defines a command economy?

List the Three Factors of production all businesses must have in order to produce goods and services.
Factor 1

Factor 2

Factor 3

List the four types of economic systems that exist in the world today (one word answers)

Economic Systerm #1

Economic Systerm #2

Economic Systerm #3

Economic Systerm #4

Is the perspective of the topic conservative or liberal

What are the three economic questions all societies must answer when it comes to production and distribution of goods and services?     

Our government intervenes in our free market economy on three levels; to protect, to provide public goods, and to provide safety nets. Give an example of each of these three. (3pts). Define the “free rider” problem? (1pt) Overall, how do you feel about the governments intervention in our economy. In other words, do you support all three levels or fewer? If fewer, which ones? (1pt)

Opportunity costs are things we give up when we choose one course of action with our time or money. In order to be considered an opportunity cost and not just a trade off, the thing you are giving up must be this? (2pts) List three opportunity costs a high school student gives up by participating in athletics, clubs, or other extra-curricular activities(3pts)

List three different safety nets the government has in place for the poverty problem. (1pt) Choose a safety net that you are opposed to and explain why you think it isn’t working. (2pts) Next choose a safety net that you support or at least feel has the greatest chance of success in our society today. Tell why you feel it is effective. (2pts)

Case problem - Primary Source (15pts) read the following excerpt from a 2002 study of the “lost boys” of Sudan who were relocated in Boston, and then answer the questions that follow.

Again, the immense pressure for the Sudanese to send money home to thier family and friends cannot be overemphasized. Most Lost Boys cannot think of failing to send this money home, no matter what their situation and circumstances are here in Boston. A Sudanese youth said that even if he had known how hard life was going to be in Boston, he would still have made the move to come. Some Lost Boys receive phone calls from people pretending to be their relatives. Even if these people were their true realtives, the Sudanses wonder why they never identified themselves while in Kakuma camp. The phone calls from eople from home looking for their help have been so overwhelming that man y of the Sudanese have changed their phone numbers since arriving in Boston. One Sudanesesaid he learned that his mother was alive in a Ugandan refugee camp when he received a letter from her asking him to send money. He in turn asked her to send a photograph of herself and a younger sibling. In spite of the photograph he is not sure whether she really is his mother, but he sends a little bit of money to her to help her.

1. This portion of the study was dealing with the young men’s financial situation after being in America. What is the main idea of this paragraph? (5pts)

2. Give a specific example from the paragraph that shows the pressure these guys are under from their friends, family, and sometimes scams to provide financial assistance. (5pts)

3. Compare the content of this reading to a crurrent day scam in the U.S. Give a similarity and a difference. (5pts)