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Business - Economic Systems
Test Description: Contrasting the two economic systems
Instructions: Answer all questions to get your test result.
1) Which of the following economic questions does not fit?
A
for whom should the goods and services be produced?
B
what goods and services should be produced?
C
how should the goods and services be produced
D
when should goods be produced
2) which of the following countries is most command?
A
canada
B
france
C
united states
D
north korea
3) which of the following is more likely to be found in a market economy?
A
competition
B
centralized planning
C
deflation
D
greed
4) Which country answered the question of how goods and services are to be produced by having people produce steel by melting down their pots and pans?
A
United States
B
Cuba
C
Russia
D
China
5) Who is the father of communism
A
Vlad Lenin
B
Robert Owen
C
george bush
D
karl marx
6) According to Robert Owen what were the 3 evils he was trying to rid New Harmony of? (you will have to do research on this one)
A
homosexuality, poor labor conditions, taxes
B
crime, islam, mistreatment of women
C
traditional marriage, religion, private property
D
poverty, hate, greed
7) Which would be a pro of command/socialism
A
poor are given benefits
B
more freedom
C
rich are given benefits
D
lower taxes
8) which would be a pro of capitalism/ market economy
A
more labor unions to take care of workers
B
higher taxes
C
poor people are given more benefits
D
more incentive to work
9) _________ of the people is always limited under a command economy
A
government
B
taxes
C
labor conditions
D
freedom
10) there are many countries who are either totally market or totally command
A
true
B
uh uh
C
eh...maybe
D
false
11) in the market system, the 3 econ questions are answered by...
A
government employees
B
individuals through buying and selling in the marketplace
C
elected officials of the people
D
animals
12) any place where buyers and sellers exchange goods and services for some form of $
A
under the table
B
business
C
exchange
D
marketplace
13) what are transition economies?
A
countries changing elected officials
B
countries moving from market to command
C
countries moving from command to market
D
countries moving from agriculture to industrial
*select an answer for all questions
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