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Section 2 Test Part 2
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) Command economies and Market economies determine what to produce from the people’s needs.
A
False
B
True
2) In a command economy, trade decisions are made by _________________.
A
One class of people
B
factory owners
C
the government
D
the individuals in the society
3) What is a tarrif?
A
money collected when you buy something at the grocery store
B
trading with others
C
tax imposed on goods
4) The way a society organizes the production and consumption of goods and services is its _______________.
A
Communism
B
Economic System
C
Socialism
D
Trade economy
5) The top two buget categories are National Defense and Health.
A
False
B
True
6) Socialism only allowed/ allows workers to earn enough to stay alive according to Marx.
A
True
B
False
7) Higher tax rates for the rich over the poor were done under the _____________________ function of government.
A
Maintain Competition
B
Stabilize the economy
C
Correcting for externalities
D
Redistribute income
8) What function of government assists with the unemployment rate?
A
Maintain competition
B
Legal and social framework
C
Provide public goods and services
D
Stabilize the economy
9) The four basic economic systems are the command, market, mixed, and socialist economies.
A
False
B
True
10) Karl Marx wrote, “ The Communist Manifesto.”
A
True
B
False
*select an answer for all questions
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