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Types Of Economic Systems CE11b
Test Description: This will test students on the different types of economic systems.
Instructions: Answer all questions to get your test result.
1) Which type of economic system does the United States have?
A
mixed economy
B
free market economy
C
command economy
D
traditional economy
2) The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his dad had been. What kind of economic system does this describe?
A
free market economy
B
traditional economy
C
command economy
D
mixed economy
3) In the former Soviet Union consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. What type of economy did they live in?
A
free market economy
B
command economy
C
mixed economy
D
traditional economy
4) Which of the following is NOT a type of economic system?
A
free market economy
B
command economy
C
public market economy
D
traditional economy
5) There is little or no government control in a _____________ economy.
A
free market
B
traditional
C
command
D
mixed
6) Which of the answer choices is not a characteristic of a free market economy?
A
Public Property
B
Consumer Sovereignty
C
Profit
D
Private Property
7) Widgets have become the latest fad. Everyone wants one and stores are selling out fast. The factory increased production. This is an example of ____.
A
consumer sovereignty
B
circular flow
C
opportunity cost
D
due process
8) Earnings - Expenses = ______
A
Price
B
Choice
C
Chance
D
Profit
9) Which of the following is NOT a basic question of economics?
A
Who will produce it?
B
For whom will it be produced?
C
What will be produced?
D
Where will it be produced?
10) They type of economy a country has is determined by the amount of ____.
A
government involvement
B
circular flow
C
economic interest
D
judicial review
*select an answer for all questions
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