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CE11b Types Of Economic Systems
Test Description: 2019
Instructions: Answer all questions to get your test result.
1) What is profit motive?
A
In a free market economic system the people are motivated to work hard because they can make money
B
money is the motive for everything people do
C
In a command economy the government the people are motivated by not being punished for being lazy
D
In a free market economy the people are rewarded with money for not working hard
2) Which economic system has both a private and public sector?
A
traditional
B
command
C
mixed
D
free market
3) Which economic system has competition and consumer sovereignty?
A
Social
B
free market
C
command
D
traditional
4) What type of economic system has a centrally planned economy?
A
free market
B
command
C
freemarket
D
mixed
5) What kind of an economic system has minimal government involvement in the economy?
A
free market
B
traditional
C
command
D
communism
6) Which type of an economic system has little or a lack of consumer choice?
A
traditional
B
command
C
communism
D
mixed
7) What type of economic system has individual choice and consumer sovereignty, competition, profit motive and private ownership of resources and property?
A
command
B
mixed
C
traditional
D
free market
8) Which economic system includes the United States and most countries today?
A
traditional
B
Mixed
C
command
D
free market
9) Which economic system has individuals and businesses owners are the decision makers for the private sector, while the government makes decision for the public sector?
A
mixed economy
B
free market
C
traditional economy
D
command economy
10) Which economic system does the United States mixed economy favor?
A
command
B
mixed
C
traditional system
D
free market
*select an answer for all questions
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