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Economic Systems
Test Description: Section 2
Instructions: Answer all questions to get your test result.
1) What are the four main economic systems?
A
Communism, Market, Socialism, and Traditional
B
Communisim, Market, Traditional, Mixed
C
Command, Market, Mixed, Socialism
D
Command, Market, Mixed, Traditional
2) Sacrificing one good or service to produce another good or service is what?
A
Trade-off
B
Opportunity Cost
3) Market economy bases every desicion off of what?
A
government
B
consumers
C
businesses
D
businesses and consumers
4) All economic decisions in a command economy are decided by whom?
A
Businesses
B
All the Above
C
Consumers
D
Government
5) Mixed Economy decisions are based off of who?
A
Government
B
Consumers
C
Businesses
D
All the above
6) Second Alternative is what?
A
Trade-off
B
Opportunity Cost
7) What productive resource is the quantity and quality of human effort to produce goods and services.?
A
Labor/ Human
B
Capital
C
Land
8) Trade is necessary in an economic system.
A
True
B
False
9) What productive resource is a characteristic of individuals who assume the risk of organizing productive resources?
A
Land
B
Labor/ Human
C
Capital
D
Entrepreneurship
10) Each Economic systems answers the following questions: What, How, and Why we produce goods.
A
False
B
True
*select an answer for all questions
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