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Types Of Economies
Test Description: Types of Economies
Instructions: Answer all questions to get your test result.
1) What does the interaction between supply and demand decide?
A
Price
B
Opportunity Cost
C
Scarcity
D
Consumer Choice
2) All of the following are characteristics of a free market economy EXCEPT
A
private ownership
B
no consumer choice
C
competition
D
individual choice
3) Private ownership of property and resources is a characteristic of what type of economic system?
A
Socialist
B
Command
C
Traditional
D
Free Market
4) All of the following are characteristics of a command economy EXCEPT
A
no consumer choice
B
centrally planned
C
competition
D
government ownership of resources
5) Business, individuals, and government make economic decisions in which economic system?
A
Command
B
Mixed
C
Traditional
D
Free Market
6) Who makes decisions for the public sector in a mixed economy?
A
Individuals and government
B
Individuals
C
Businesses
D
Government
7) The government controls the means of production in what economic system?
A
Traditional
B
Mixed
C
Command
D
Free Market
8) What type of economic system does the United States have?
A
Free
B
Command
C
Traditional
D
Mixed
9) In the United States economic system, who makes decisions?
A
Individuals
B
Government
C
Individuals, business, and government
D
Business and Government
10) In the United States economy, business owners are allowed to keep all earnings they make after all expenses have been paid. What are these earnings called?
A
Market value
B
Profit
C
Price
D
Expenses
*select an answer for all questions
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