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Economics And Economic Systems Review
Test Description: Economic Systems, and U.S. Economy
Instructions: Answer all questions to get your test result.
1) What is an ADVANTAGE of a market economy compared with a traditional economy?
A
In a market economy, economic decisions are made the way they have always been made.
B
In a market economy, innovation and competition in the marketplace are encouraged.
C
In a market economy, there is an equal standard of living for everyone.
D
In a market economy, the government decides what is produced.
2) When Wendy's was successful at selling salads in its restaurants, McDonald's started to sell salads, too. This is an example of:
A
private property ownership.
B
self-interest and profit motive.
C
freedom of enterprise and choice.
D
competition
3) How does the Federal Reserve impact the U.S. economy?
A
Raises interest rates to stimulate consumer purchasing
B
Raises interest rates to increase employment opportunities
C
Decreases money circulation to help businesses
D
Circulates more money to stimulate consumer purchasing
4) What is a difference between a traditional economy and a free enterprise system?
A
Decisions are made the way they always have been in a free enterprise system.
B
Economic decisions are determined by competition in a traditional economy.
C
Economic decisions are centered around the family in a free enterprise economy.
D
Supply and demand drive economic decisions in a free enterprise system.
5) What is a characteristic of a command economy compared with other types of economic systems?
A
Government provides an equal standard of living for everyone.
B
Decisions are based on customs and the way things have always been done.
C
Business owners are free to make their own economic decisions.
D
Consumers make the decisions about what is produced.
6) How does a bear market impact the U.S. economy?
A
Businesses will be able to hire more workers.
B
Business sales will increase rapidly.
C
Consumers will be able to spend more money.
D
Consumers will spend less money and save more.
7) What is an advantage of the market portion of the United States economic system?
A
Consumers only purchase what the government allows.
B
There is no government regulation of any businesses.
C
Businesses determine what to produce based on demand.
D
Government tells business what to produce based on supply.
8) What is a DISADVANTAGE of a traditional economy compared to the other types of economic systems?
A
State-of-the-art technology is not used.
B
Government takes care of people's needs.
C
Competition guides production decisions.
D
Decisions are centered toward the family.
9) Compare the way economic decisions are made in an Amish community with the way they are made in Cuba.
A
Individuals and government make the decisions in an Amish community.
B
Individuals make the decisions in Cuba.
C
Tradition dictates how decisions are made in an Amish community.
D
Tradition dictates how decisions are made in Cuba.
10) What is a difference between a market economy and a command economy?
A
Supply and demand determine prices in a command economy.
B
Competition provides consumers choices in a market economy.
C
The government ensures much competition in a command economy.
D
The government selects what is produced in a market economy.
11) In the United States economy, interstate highways, public water systems, and Medicare are all classified as:
A
government provided services
B
benefits of private enterprise
C
tax benefits or exemptions
D
services provided by financial institutions
12) How does e-commerce impact the U.S. economy
A
Prices of all goods will increase rapidly
B
More salespeople are needed in stores.
C
Competition in the marketplace is increased
D
Consumers have fewer choices of goods.
*select an answer for all questions
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