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Wymer - Economic Terms And Types Of Economies - SOL 11
Test Description: Terms and Economies
Instructions: Answer all questions to get your test result.
1) Economy that has a lot of individual choice.
A
traditional
B
all of these
C
free market
D
command
2) Economy with lack of consumer choice.
A
free market
B
mixed
C
command
D
traditional
3) Economy that has private ownership of property and resources.
A
command
B
traditional
C
free market
D
all of these
4) The most common economic system today.
A
mixed
B
traditional
C
free market
D
command
5) Economic system that is driven by the profit motive.
A
all of these
B
free market
C
command
D
traditional
6) Economy that has a centrally-planned economy.
A
command
B
free market
C
mixed
D
traditional
7) Economy that has individuals and businesses as the decision makers for the private sector.
A
mixed
B
command
C
all of these
D
traditional
8) Economy based on customs and historical precedents.
A
mixed
B
command
C
traditional
D
free market
9) Economy that has minimal government involvement.
A
free market
B
command
C
mixed
D
command
10) Economy that has central ownership of property/resources.
A
command
B
free market
C
traditional
D
mixed
11) Economy that has people performing the same work as parents and grandparents.
A
command
B
traditional
C
free market
D
mixed
12) Economy that is about consumer sovereignty.
A
traditiional
B
command
C
all of these
D
free market
13) Economy that has the government as the decision maker for the public sector.
A
free market
B
command
C
mixed
D
traditional
14) Economy that allows for a lot of competition.
A
all of these
B
command
C
free market
D
traditional
15) In the U.S. economy, what determines the prices of goods and services?
A
opportunity cost
B
production
C
supply and demand
D
consumption
16) Term that means the consumer has the power.
A
consumption
B
consumer choice
C
consumer sovereignty
D
opportunity cost
17) What is left after all expenses.
A
incentives
B
supply
C
resources
D
profit
18) When you decide between two things, the item not chosen becomes your what?
A
opportunity cost
B
choice
C
resource
D
supply
19) These is used to change your economic behavior.
A
consumption
B
scarcity
C
price
D
incentive
20) Using your resources to produce a product.
A
production
B
incentives
C
opportunity cost
D
consumption
*select an answer for all questions
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