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Economics 101
Test Description: Economy terms
Instructions: Answer all questions to get your test result.
1) This economy has private business owners, driven by the consumers, supply and demand.
A
Mixed
B
Market
C
Command
D
Traditional
2) An economy that is a combination of market and command.
A
Market
B
Mixed
C
Command
D
Traditional
3) This economy is based on the traditions and customs of the people, natural resources.
A
Command
B
Traditional
C
Mixed
D
Market
4) This economy is controlled by the government.
A
Mixed
B
Market
C
Command
D
Traditional
5) The government makes all decisions in this economy.
A
Market
B
Command
C
Mixed
D
Traditional
6) Your government controls the steel industries, but allows individual companies to make and sell whatever they choose.
A
Market
B
Mixed
C
Traditional
D
Command
7) In this country business owners are free to make and sell whatever they wish with no government control.
A
Mixed
B
Command
C
Traditional
D
Market
8) This economy is based on what people’s ancestors have always done.
A
Market
B
Command
C
Traditional
D
Mixed
9) The government controls tells the factories what to make, how to make it, and what price to charge.
A
Market
B
Mixed
C
Command
D
Traditional
10) The tribes of the Amazon Rainforest practice this economy.
A
Command
B
Market
C
Mixed
D
Traditional
11) This country practices the free enterprise system, but the government makes some decisions about the economy.
A
Mixed
B
Command
C
Market
D
Traditional
12) This country has business owners and customers that make decisions about what to make, sell, and buy.
A
Command
B
Traditional
C
Mixed
D
Market
13) This country has a communist government that makes the choice of what goods to produce.
A
Command
B
Mixed
C
Traditional
D
Market
14) The study of the production, distribution, and use of goods and services.
A
Economy
B
Economics
C
Economic Systems
D
Economic Platform
15) A limited supply of something.
A
supply and demand
B
dense
C
scarcity
D
limitations
16) All of the activities people do to earn a living are part of the ?
A
world
B
economy
C
budget
D
economics
17) The total value of all the goods and services produced in one country.
A
Gross Domestic Product/ GDP
B
per capita
C
supply and demand
D
economic system
*select an answer for all questions
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