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Denison ISD Unit 1 Review
Test Description: Unit 1 review sample questions
Instructions: Answer all questions to get your test result.
1) Which of the following explains why products made under a command economy are more likely to be low quality?
A
the workers who make them are forced by tradition to use old-fashioned methods
B
the workers who make them have little incentive to make them well
C
the workers who make them are not gigen quality-control guidelines
D
the workers who make them are left to manage production facilities on their own
2) Which of the following is a cause of struggle in the process of privatization?
A
people must adjust to thee costs and risks that are part of capitalism
B
people must decide how best t get along with a free market
C
people must ecome used to no longer owning their own homes and businesses
D
people must adjust to government control of their economy
3) How are economic transactions shaped in a traditional economy?
A
individuals form networks within which they buy, sell, and trade as they choose.
B
elders and ancestors make certain that things are done in specific ways
C
the three basic economic questions of production do not arise in this type of economy
D
each community decided as a group for whom the group will produce
4) Which type of economy is most prevalent in the world today?
A
command
B
traditional
C
mixed
D
market
5) In which of these systems is the government MOST likely to provide people iwth goods and servics they could not otherwise afford?
A
a free-eterprise economy
B
a market economy
C
a socialist economy
D
a traditional economy
6) Which of these countries has an economy MOST similar to that of the former Soviet Union?
A
Sweden
B
North Korea
C
South Korea
D
Norway
7) Which of these is a major advantage of a market economy?
A
it can change direction repidly as needed when markets change
B
therre is efficient government control of production and distribution
C
therre is a high degree of individual freedom
D
people are likely to be offered goods an services they cannot afford
8) Which country is an example of a capitalist country?
A
Venezuela
B
Singapore
C
Cuba
D
North Korea
9) Which nationl today is the most striking exaple of successful privatization?
A
China
B
Sovit Union
C
Cuba
D
North Korea
10) Which is a system in which conomic activity is the result of ritual, habit, or custon?
A
command economy
B
market economy
C
traditional economy
D
captialism
11) Which is an economic system in which a central authority make sthemajor economic decisions?
A
command economy
B
capitalism
C
traditional economy
D
market economy
12) Which is a system in which eonomic activity is driven by supply, demand, and the price system?
A
market economy
B
traditional economy
C
capitalism
D
command economy
13) Which is an economic sysem in which private citizens own and use resources to make a profit?
A
capatalism
B
command economy
C
traditional economy
D
market economy
14) _______________________ is an efficient way of allocating resources an dproducing and distributing goods and services in a society.
A
servic industry
B
bidding on items
C
supply and demand
D
Economic system
*select an answer for all questions
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