CE 11 Review #2: Question Preview (ID: 14922)

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The way a country deals with the production, distribution, and consumption of goods and services within its society is known as its?
a) government b) entrepreneurship c) production cost d) economic system
There are different types of economic systems. The one that a country develops for the use of its limited productive resources depends mainly on?
a) The extent of government involvement b) A country's population c) The diversity of the county d) The country's leaders
Government ownership of resources is a characteristic of what economic system?
a) Command b) Free Market c) Mixed d) Traditional
Who has the most influence in a free market economic system?
a) Producers b) Government c) Lawyers d) Consumers
An economy where communities use simple tools and methods to harvest and hunt for food often results in little economic growth describes which type of economy?
a) Command b) Free Market c) Mixed d) Traditional
Who makes decisions for the private sector in a mixed economy?
a) Individuals and businesses b) Individuals and government c) Government and business d) State and local government
Which statement describes how a command economic system determines what will be produced?
a) The leaders of government will determine how many cars Sporty Motors produces each month b) Sporty Motors will produce more of the most popular model bought in the past year c) Sporty Motors will produce a set number of cars each month that can be traded for tractor parts d) The government will allow Sporty Motors to keep all profits earned each month to promote growth
What type of economic system does the U.S. have?
a) Free market b) Mixed c) Traditional d) Command
Private ownership of property or resources, profit motive, competition, consumer sovereignty, and little government involvement describe what kind of economy?
a) Free market b) Mixed c) Traditional d) Command
Businesses, individuals, and government make economic decisions in which type of economic system?
a) Mixed b) Free Market c) Traditional d) Command
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