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Economics Review 11a Thru 11c Part 2
Test Description: This test review economic vocabulary, types of economies and aspects of the United State Economy.
Instructions: Answer all questions to get your test result.
1) Which of the following is not one of the basic questions of economics?
A
What will be produced?
B
For whom will it be produced?
C
Who will produce it?
D
What will it be made of?
2) The key factor in determining the type of economy a country has is the extent of _________ involvement.
A
Family
B
Government
C
Parental
D
Environment
3) In this economy economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents
A
Traditional economy
B
Mixed economy
C
Command economy
D
Free market economy
4) This economy has all of the following, Private ownership of property/resources, Profit motive, Competition, Consumer sovereignty, Individual choice, Minimal government involvement.
A
Free market economy
B
Mixed economy
C
Command economy
D
Traditional economy
5) In this economy there is Central ownership (usually by government) of property/resources, Centrally-planned economy, Lack of consumer choice.
A
Traditional economy
B
Command economy
C
Mixed economy
D
Free market economy
6) In this economy: Individuals and businesses are owners and decision makers for the private sector. Government is the decision maker for the public sector.
A
Free market economy
B
Mixed economy
C
Command economy
D
Traditional economy
7) _____________ are generally allowed to operate without undue interference from the government.
A
Competition
B
Markets
C
Profit
D
Private property
8) _________________: Individuals and businesses have the right to own real and personal property
A
Private property
B
Profit
C
Competition
D
Markets
9) ___________________: consists of earnings after all expenses have been paid.
A
Competition
B
Profit
C
Markets
D
Private property
10) _______________: Consumers determine through purchases what goods and services will be produced.
A
Consumer sovereignty
B
Markets
C
Competition
D
Profit
*select an answer for all questions
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