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Market Economy
Test Description: Questions about market economies.
Instructions: Answer all questions to get your test result.
1) Which is not one of the economic questions?
A
For whom will goods be made?
B
Who will make the goods?
C
What will be made?
D
How will goods be made?
2) Who has power in a market economy?
A
businesses
B
tradition
C
consumers
D
government
3) What is a consumer?
A
someone who buys goods/service
B
Someone who makes goods
C
someone who provides a service
D
someone who follows traditions
4) Who owns the factors of production in a market economy?
A
the church
B
big businesses
C
the government
D
the people
5) What are the factors of production
A
items that are necessary to sustain human life
B
people who buy goods and services
C
resources needed to make goods and services
D
goods and services that you can buy
6) Market economies are
A
controlled by the government.
B
have some government control.
C
based off of customs and beliefs.
D
laissez faire.
7) What does laissez faire mean?
A
let the people decide
B
let the government decide
C
let the banks decide
D
let the government decide
8) In a pure laissez faire (market) economy the government
A
makes all of the decisions.
B
makes some of the decisions.
C
doesn't make any of the decisions.
D
doesn't exist.
9) Market economies are driven by
A
religion.
B
the government.
C
supply and demand.
D
tradition.
10) How does supply and demand work?
A
Supply and demand are basically the same thing
B
producers will supply what consumers demand
C
the two are not connected
D
consumers will only demand what is supplied
11) How do consumers have the power in a market economy?
A
consumers create the products in an economy
B
Consumers get to decide how much each item costs
C
They don't, the government does
D
what consumers buy is produced
12) How does competition work in a market economy?
A
scarcity leads to riots over the goods.
B
consumers compete to be the highest bidder on goods
C
Producers have to compete with each other for consumer's money
D
Producers only make a few of each goods and let consumers fight over them
13) Which type of government goes well with a market economy?
A
theocracy
B
dictatorship
C
monarchy
D
democracy
*select an answer for all questions
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