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Market Economy
Test Description: Questions about market economies.
Instructions: Answer all questions to get your test result.
1) Which is not one of the economic questions?
A
How will goods be made?
B
For whom will goods be made?
C
What will be made?
D
Who will make the goods?
2) Who has power in a market economy?
A
tradition
B
government
C
consumers
D
businesses
3) What is a consumer?
A
Someone who makes goods
B
someone who buys goods/service
C
someone who follows traditions
D
someone who provides a service
4) Who owns the factors of production in a market economy?
A
the government
B
the church
C
big businesses
D
the people
5) What are the factors of production
A
resources needed to make goods and services
B
items that are necessary to sustain human life
C
goods and services that you can buy
D
people who buy goods and services
6) Market economies are
A
have some government control.
B
controlled by the government.
C
laissez faire.
D
based off of customs and beliefs.
7) What does laissez faire mean?
A
let the banks decide
B
let the government decide
C
let the government decide
D
let the people decide
8) In a pure laissez faire (market) economy the government
A
makes some of the decisions.
B
doesn't exist.
C
doesn't make any of the decisions.
D
makes all of the decisions.
9) Market economies are driven by
A
supply and demand.
B
the government.
C
tradition.
D
religion.
10) How does supply and demand work?
A
the two are not connected
B
producers will supply what consumers demand
C
consumers will only demand what is supplied
D
Supply and demand are basically the same thing
11) How do consumers have the power in a market economy?
A
consumers create the products in an economy
B
Consumers get to decide how much each item costs
C
They don't, the government does
D
what consumers buy is produced
12) How does competition work in a market economy?
A
Producers only make a few of each goods and let consumers fight over them
B
consumers compete to be the highest bidder on goods
C
Producers have to compete with each other for consumer's money
D
scarcity leads to riots over the goods.
13) Which type of government goes well with a market economy?
A
monarchy
B
theocracy
C
democracy
D
dictatorship
*select an answer for all questions
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