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