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Economic Systems
Test Description: First Semester Final Review
Instructions: Answer all questions to get your test result.
1) Which one of the following is NOT one of the three economic questions answered by EVERY economic system?
A
What needs and wants will be satisfied with the goods and services produced?
B
What goods and services will be produced?
C
How will we make money?
D
How will the goods and services be produced?
2) The United States is an example of a...
A
Mixed Economy
B
Command Economy
C
Traditional Economy
D
Market Economy
3) Economic system that combines elements of the command and market economies.
A
Dual Economy
B
Mixed Economy
C
Differing Economy
D
Traditional Economy
4) Refers to the private ownership of resources by individuals, rather than by the government.
A
Free Trade
B
Marketism
C
Capitalism
D
Private Sector
5) A name of the U.S. economy is
A
Free Enterprise
B
All of the above
C
Private Enterprise
D
Capitalism
6) Goods and services are produced in a way it has always been done
A
Traditional Economy
B
Mixed Economy
C
Command Economy
D
Market Economy
7) Money left from sales after all the costs from operating the business has been paid
A
Bank Account
B
Loss
C
Cha Ching
D
Profit
8) Rivalry among businesses to sell their goods and services
A
Quarreling
B
Bargaining
C
Competition
D
Friction
9) Private property means you can do what with things of value?
A
dispose
B
all of the above
C
use
D
own
10) How many economic questions are answered by EACH economic system?
A
3
B
4
C
2
D
1
*select an answer for all questions
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