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Unit 3 Exam Review
Test Description: Economic Systems
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT one of the three key economic questions?
A
How will it be produced?
B
What will be produced?
C
Who will produce it?
D
Who will consume it?
2) Which of the following is considered a market?
A
Amazon.com
B
Old Navy
C
All the answers
D
Walmart
3) Adam Smith's concept of the invisible hand plays an important role in________________ economies.
A
free market
B
command
C
traditional
D
centrally planned
4) The term laissez faire means that the_______________ is not involved or is involved on a very limited basis in the economy.
A
public
B
government
C
company
D
military
5) Which of the following statements describes the economic goal of efficiency?
A
A country wants to provide all needs and wants of citizens.
B
A country ensures that all citizens have a great deal of freedom in making choices
C
A country desires to see the economy grow and invests money in research for better technology.
D
A country understands how to best utilize its resources to reach maximum output.
6) Economic systems must answer the three economic questions because resources are_______________.
A
abundant
B
scarce
C
lost
D
non existent
7) Which of the following is an advantage of free market economies?
A
•Not all consumers receive the goods and services they need.
B
Some consumers are not paid fairly and equally.
C
Consumers and producers make their own economic choices
D
•Public services may not be available to all members of society.
8) Why is specialization is important in the operation of a market?
A
Allows an individual to concentrate his time and resources and skills on one or a few tasks.
B
All the answers
C
Allows individuals to be more efficient and earn an income.
D
No one can provide all they need to survive.
9) Which nation has a pure free market economy?
A
None of the answers
B
US
C
Sweden
D
France
10) Markets are necessary because no one is able to provide all of their ________________.
A
wants
B
clothes
C
needs
D
food
*select an answer for all questions
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