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Mixed Economy
Test Description: Mixed economy questions
Instructions: Answer all questions to get your test result.
1) Which of the following is not one of three economic questions?
A
For whom are goods made?
B
How will goods be made?
C
What will be made?
D
Who makes goods?
2) No economy in the world is a pure traditional, market, or command economy.
A
False
B
True
3) Nearly all countries have a _________ economy.
A
command
B
traditional
C
mixed
D
market
4) Which is the best description of a mixed economy?
A
The people make all of the economic decisions.
B
Economic decisions are determined based off of what has always been done.
C
The government makes all of the economic decisions.
D
The people and the government both play a role in economic decisions.
5) What kind of economy does the US have?
A
market
B
command
C
mixed
D
traditional
6) What determines prices in the United States?
A
the church
B
supply and demand
C
producers only
D
the government
7) What is supply and demand?
A
supply is what is made, demand is what is bought
B
supply is what is bought, demand is what is made
C
demand is regulated, while supply is not
D
supply is what people want, demand is who buys it
8) Who has the ultimate power in the US (mixed economy)?
A
consumers
B
the government
C
producers
D
the bank
9) How does the government help make economic decisions in a mixed economy?
A
they decide how to allocate resources
B
they put regulations on the economy
C
they controls what is bought and sols
D
they set the prices for goods
10) What are regulations?
A
resources needed to make goods an services
B
the items producers make in an economy
C
the items people buy in an economy
D
rules or laws
11) What is an example of how how the government plays a role in the US economy?
A
the government controls what is being produced
B
the government makes sure everybody's needs are met
C
the government has no role in a mixed economy
D
the government provides services like police, military, roads, and education
12) Which statement best describes a mixed economy?
A
There are very few mixed economies in the world today
B
The government and people work together to maintain a mixed economy
C
All mixed economies are the same
D
North Korea is an example of a mixed economy
*select an answer for all questions
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