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Economic Systems Review
Test Description: Regents Review
Instructions: Answer all questions to get your test result.
1) Which social scientists focus their studies on scarcity, resources, and profit motives?
A
economists
B
archaeologists
C
sociologists
D
historians
2) Which course of action does the theory of laissez-faire suggest a government should follow?
A
controlling the mineral resources of a country
B
establishing businesses to create jobs
C
letting natural laws regulate the economy
D
providing help for people in need
3) Which topic is central to the study of economics?
A
understanding the causes of ethnic rivalries
B
examining the distribution and use of limited resources
C
tracking the development and spread of diseases
D
studying the growth and role of political parties
4) Capitalism is to private ownership as communism is to
A
laissez-faire
B
state control
C
supply and demand
D
self-determination
5) Which type of economic system relies primarily on hunting, gathering, herding, and farming to maintain self-sufficiency?
A
capitalism
B
command
C
traditional
D
mixed
6) The policy of establishing colonies to gain wealth by controlling colonial trade is called
A
communism
B
socialism
C
fascism
D
mercantilism
7) Which revolution led to the concept of banking, the creation of guilds, and the development of capitalism in Europe?
A
Commercial
B
Industrial
C
Scientific
D
Agricultural
8) Which statement is supported by the ideas of Karl Marx?
A
Private ownership of businesses helps workers.
B
Industrial capitalism allows workers and employers to work together for a common purpose.
C
Industrialization benefits the wealthy and exploits the poor.
D
Countries should benefit from the wealth of their colonies.
9) In the European feudal system under manorialism, what is the most significant economic commodity?
A
gold and silver
B
land
C
sugar and spices
D
livestock
10) In an ideal market economy, the answer to the question “What shall be produced?” would be determined primarily by
A
bankers
B
consumers
C
retailers
D
governments
11) According to Thomas Malthus, the rate of increase for human populations in relation to the rate of increase for food production was a problem. Malthus believed that
A
famine and war were natural checks on population growth
B
industrial development would severely limit population growth
C
food production would increase at a faster rate than populations would
D
countries with larger populations would conquer countries with smaller populations
12) In which economic system used by early civilizations are decisions about the distribution of goods based primarily on customs, beliefs, and habits?
A
mixed
B
traditional
C
free-market
D
command
13) Which statement best describes an aspect of a command economy?
A
Profit motivates individuals to set up private businesses.
B
Supply and demand regulate the economy.
C
Tradition, religion, and customs heavily influence economic decisions.
D
Government directs and controls the means of production.
14) Which is a necessity for both capitalist and socialist economic systems?
A
providing for government control of all industries
B
centralizing national economic planning
C
using resources to satisfy wants
D
assuring the growth of big business
15) Which is true of an economy operating under a free market system?
A
Prices are fixed by agreements among business leaders.
B
Major industries are controlled by the government, but smaller businesses may be privately owned.
C
The government fixes the prices of products.
D
Prices change according to changes in the supply of and demand for products.
*select an answer for all questions
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