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Economics Quiz Review (SS9)
Test Description: For Economics quiz
Instructions: Answer all questions to get your test result.
1) What economic system does the United States have?
A
Mixed Economy
B
Command Economy
C
Free Market Economy
2) Which type of economy is completely controlled by the government?
A
Command Economy
B
Free Market Economy
C
Mixed Economy
3) The economic term 'scarcity' is based on the idea of:
A
price inflation
B
recession proof investments
C
limited resources
D
diminished returns
4) The three factors of production are:
A
Land, Labour and Education
B
Land, Labour and Capital
C
Free Market, Command and mixed Economies
D
Labour, Resources and Scarcity
5) Which of the following is the best example of government intervention in a mixed economy?
A
The privatization of natural gas and electrical suppliers.
B
The distribution of Alberta Health cards for medical services.
C
Workers assuming control over the factories.
D
An entrepreneur donating money to charity.
6) Which of the following is a good?
A
doggy daycare
B
dog grooming
C
dog walking
D
a dog leash
7) What are factors of production?
A
How you solve the problem of limited resources and unlimited wants
B
Limited resources with unlimited wants
C
A person who purchases goods and services for personal use
D
An economic term that describes the inputs that are used in the production of goods or services
8) Which of the following would not be considered labour in our factors of production?
A
A factory worker
B
the accountant for the factory
C
The cleaning service for the factory
D
The factory machines.
9) Where does a Free Market Economy fall on the economic Spectrum?
A
Right
B
Middle
C
Left
D
On top
10) Where does a Command Economy fall on the economic spectrum
A
Under
B
Middle
C
left
D
Right
*select an answer for all questions
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