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Economic Systems
Test Description: This is a review over economic systems!
Instructions: Answer all questions to get your test result.
1) A product of the earth (“gift of nature”) that people use to meet their needs is a
A
good.
B
natural resource.
C
service
D
free enterprise.
2) The number limit on how many items of a particular product can be imported from a particular country is the
A
quota
B
tariff
C
demand.
D
supply.
3) The economic system of communist countries is most closely related to which of the following: A. Command economy
A
Market economy
B
Mixed economy
C
Traditional economy
D
Command economy
4) Which of the following is NOT one of the basic questions that all economic systems must answer:
A
How much to produce?
B
For whom to produce?
C
What to produce?
D
How to produce?
5) In a command economy, economic decisions are made by the
A
producers.
B
consumers.
C
market.
D
government.
6) Which is an example of human capital?
A
Factories
B
Machinery
C
Education
D
Roads
7) Who owns the resources in a command economy?
A
private businesses
B
the government
C
no one
D
individuals
8) How are goods and services exchanged in a traditional economy?
A
through bartering
B
through prices and wages
C
through government regulation
D
through shortages and surpluses
9) Which trade barrier sets up a complete ban on trading between countries?
A
mountain
B
tariff
C
quota
D
embargo
10) There are no truly pure Market economic systems, but which of the following countries is the closest?
A
Russia
B
Cuba
C
Germany
D
United States
*select an answer for all questions
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