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Economics Part I
Test Description: Types of Economies
Instructions: Answer all questions to get your test result.
1) What is the most important factor in deciding what job you would do if you lived in a traditional economy?
A
the types of factories in your area
B
careers that you were most interested in
C
how smart you were in school
D
the job your parents had
2) Customs and habits are most important to which type of economy?
A
mixed
B
command
C
traditional
D
market
3) In which type of economic system does the government control what a factory produces and what prices it will charge for those products?
A
traditional
B
market
C
mixed
D
command
4) In which economic system do consumers make economic decisions that occur between buyers and sellers? This system also has competition.
A
command
B
mixed
C
market
D
traditional
5) In a command economy, who usually owns the farms and factories?
A
the government
B
corporations
C
farm and factory workers
D
individuals
6) Which statement describes a part of a market economy?
A
A farmer is given directions from the government about which crops to grow.
B
The government orders a factory to produce 100 more televisions a day.
C
People purchase a factory to build a new type of energy-saving car
D
All the stores in a country have prices set by the government
7) Which economy is most common in the world today?
A
traditional
B
mixed
C
market
D
command
8) What are the three economic questions that all economists ask?
A
what to produce, how to produce, for whom to produce
B
when to produce, where to produce, what to produce
C
how to produce, where to produce, what time to produce
D
where to produce, how to produce, which to produce
9) What are the three main types of economic systems?
A
traditional, command, market
B
command, market, mixed
C
mixed, traditional, market
D
market, mixed, competition
10) Most countries are ______________________ economies because they are a combination of market and command.
A
traditional
B
market
C
command
D
mixed
*select an answer for all questions
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