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Unit 3 Exam Review
Test Description: Economic Systems
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT one of the three key economic questions?
A
Who will consume it?
B
What will be produced?
C
Who will produce it?
D
How will it be produced?
2) Which of the following is considered a market?
A
All the answers
B
Old Navy
C
Walmart
D
Amazon.com
3) Adam Smith's concept of the invisible hand plays an important role in________________ economies.
A
traditional
B
centrally planned
C
command
D
free market
4) The term laissez faire means that the_______________ is not involved or is involved on a very limited basis in the economy.
A
government
B
public
C
military
D
company
5) Which of the following statements describes the economic goal of efficiency?
A
A country desires to see the economy grow and invests money in research for better technology.
B
A country wants to provide all needs and wants of citizens.
C
A country ensures that all citizens have a great deal of freedom in making choices
D
A country understands how to best utilize its resources to reach maximum output.
6) Economic systems must answer the three economic questions because resources are_______________.
A
abundant
B
non existent
C
lost
D
scarce
7) Which of the following is an advantage of free market economies?
A
•Public services may not be available to all members of society.
B
Consumers and producers make their own economic choices
C
•Not all consumers receive the goods and services they need.
D
Some consumers are not paid fairly and equally.
8) Why is specialization is important in the operation of a market?
A
Allows individuals to be more efficient and earn an income.
B
All the answers
C
Allows an individual to concentrate his time and resources and skills on one or a few tasks.
D
No one can provide all they need to survive.
9) Which nation has a pure free market economy?
A
Sweden
B
France
C
None of the answers
D
US
10) Markets are necessary because no one is able to provide all of their ________________.
A
needs
B
clothes
C
food
D
wants
*select an answer for all questions
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