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CE 11a Economic Systems
Test Description: 2019
Instructions: Answer all questions to get your test result.
1) Why does every country have a type of economic system?
A
it just occurs or developes as a society develops or grows
B
it is clearly stated in the country's constitution
C
a country must have a way to determine how to use its limited productive resources
D
so that marketplaces can exist in the country
2) What is the key factor in determining the type of economy a country has?
A
the extent of government involvement
B
the factors of production that are available in a country
C
the people will determine by voting or the government will decide the ecomonic system
D
the production and consumption of goods and services
3) The greater the amount of decision making that is left to the individual, the closer a system is to - what economic system?
A
command system
B
freed market system
C
traditional system
D
mixed system
4) The greater the amount of decision making that is left to a centralized authority , the close the system is to a - what kind of economic system?
A
mixed economy
B
traditional economy
C
free market economy
D
command economy
5) What are the basic questions that every economic system must answer?
A
What will be produced, How many resources will it take to produce it, and do they have access to those resources
B
How much will it cost in capital resources , what kind of natural resources will be needed and is there a enough humans
C
What will be produced, how will it be produced and for whom will it be produced
D
the who, what, when and how a product or service will be made
6) Does each economic system answer the three basic economic questions the same?
A
yes
B
maybe
C
depends on the resources available
D
no
7) What is a traditional economy?
A
one that economic decisions are based on custom and historical precedent
B
one that only has a public sector
C
One that has very limited government involvement in the economic decisions
D
one that only has a private sector
8) In a traditional economic system, how are jobs or careers determined?
A
people must only do the work that they have been trained to do
B
is they have great potential then they can proceed to any job in that area
C
people are free to choose and use their gifts and talents
D
people often perform the same type of work as their parents and grandparents
9) What are the characteristics of a free market economic system?
A
the government has a mjor role in making economic decistions
B
they can only own or have private property is it was already in the family
C
private ownership of property/resources
D
the central ownership is usually the government of property and resources
10) Which economic system has a profit motive and competition?
A
traditional economy
B
command economy
C
communism
D
free market
*select an answer for all questions
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