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Mixed Economy
Test Description: Mixed economy questions
Instructions: Answer all questions to get your test result.
1) Which of the following is not one of three economic questions?
A
How will goods be made?
B
For whom are goods made?
C
Who makes goods?
D
What will be made?
2) No economy in the world is a pure traditional, market, or command economy.
A
False
B
True
3) Nearly all countries have a _________ economy.
A
command
B
traditional
C
mixed
D
market
4) Which is the best description of a mixed economy?
A
Economic decisions are determined based off of what has always been done.
B
The government makes all of the economic decisions.
C
The people make all of the economic decisions.
D
The people and the government both play a role in economic decisions.
5) What kind of economy does the US have?
A
traditional
B
mixed
C
command
D
market
6) What determines prices in the United States?
A
the government
B
supply and demand
C
the church
D
producers only
7) What is supply and demand?
A
supply is what people want, demand is who buys it
B
demand is regulated, while supply is not
C
supply is what is bought, demand is what is made
D
supply is what is made, demand is what is bought
8) Who has the ultimate power in the US (mixed economy)?
A
producers
B
the bank
C
consumers
D
the government
9) How does the government help make economic decisions in a mixed economy?
A
they set the prices for goods
B
they controls what is bought and sols
C
they decide how to allocate resources
D
they put regulations on the economy
10) What are regulations?
A
the items producers make in an economy
B
resources needed to make goods an services
C
the items people buy in an economy
D
rules or laws
11) What is an example of how how the government plays a role in the US economy?
A
the government controls what is being produced
B
the government makes sure everybody's needs are met
C
the government provides services like police, military, roads, and education
D
the government has no role in a mixed economy
12) Which statement best describes a mixed economy?
A
There are very few mixed economies in the world today
B
All mixed economies are the same
C
The government and people work together to maintain a mixed economy
D
North Korea is an example of a mixed economy
*select an answer for all questions
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