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Mid PPT Review
Test Description: For the middle of class Tuesday
Instructions: Answer all questions to get your test result.
1) A Nation's Economic Plan must include the HOW, WHAT and WHY of
A
the population's preferences
B
the goods and services to be produced
C
printing money
D
preventing war
2) TRADITIONAL Economies usually are based on
A
government interventions
B
free market tendencies with some government interventions
C
trade with foreign nations
D
individual customs and traditions
3) TRADITIONAL Economies are typical of
A
Communist governments
B
Developing industrial nations
C
Advanced industrialized nations
D
Primitive societies
4) In a command society, all decisions are made by
A
the market
B
traditions
C
the people
D
the government
5) A market economy means
A
no individual freedom
B
the government controls the market
C
no government involvement or interference
D
everyone sells their goods at the market
6) How many countries are there with pure COMMAND economies?
A
5
B
Most of South America
C
none
D
10
7) Most nations today have a
A
Failing Economy
B
Mixed Economy
C
Market Economy
D
Command Economy
8) If an economy is DIVERSIFIED, that means that it produces
A
a variety of products and services
B
just one or two major products and services
C
no products or services
D
market system with a diverse population
9) Airlines, restaurants, insurance, tech support are all examples of
A
expensive services
B
service industries
C
modern conveniences
D
product industries
10) Manufacturing and farming are both examples of
A
product industries
B
Essential economic industries
C
service industries
D
historic jobs for Americans
*select an answer for all questions
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