Economics Review 11a Thru 11c Part 2 Question Preview (ID: 14591)


This Test Review Economic Vocabulary, Types Of Economies And Aspects Of The United State Economy. TEACHERS: click here for quick copy question ID numbers.

Which of the following is not one of the basic questions of economics?
a) What will be produced?
b) Who will produce it?
c) What will it be made of?
d) For whom will it be produced?

The key factor in determining the type of economy a country has is the extent of _________ involvement.
a) Government
b) Environment
c) Parental
d) Family

In this economy economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents
a) Mixed economy
b) Command economy
c) Traditional economy
d) Free market economy

This economy has all of the following, Private ownership of property/resources, Profit motive, Competition, Consumer sovereignty, Individual choice, Minimal government involvement.
a) Free market economy
b) Traditional economy
c) Command economy
d) Mixed economy

In this economy there is Central ownership (usually by government) of property/resources, Centrally-planned economy, Lack of consumer choice.
a) Free market economy
b) Traditional economy
c) Command economy
d) Mixed economy

In this economy: Individuals and businesses are owners and decision makers for the private sector. Government is the decision maker for the public sector.
a) Free market economy
b) Traditional economy
c) Command economy
d) Mixed economy

_____________ are generally allowed to operate without undue interference from the government.
a) Private property
b) Markets
c) Profit
d) Competition

_________________: Individuals and businesses have the right to own real and personal property
a) Private property
b) Markets
c) Profit
d) Competition

___________________: consists of earnings after all expenses have been paid.
a) Competition
b) Profit
c) Markets
d) Private property

_______________: Consumers determine through purchases what goods and services will be produced.
a) Competition
b) Profit
c) Markets
d) Consumer sovereignty

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