Economic Systems Question Preview (ID: 16971)


First Semester Final Review. TEACHERS: click here for quick copy question ID numbers.

Which one of the following is NOT one of the three economic questions answered by EVERY economic system?
a) What goods and services will be produced?
b) How will we make money?
c) How will the goods and services be produced?
d) What needs and wants will be satisfied with the goods and services produced?

The United States is an example of a...
a) Traditional Economy
b) Command Economy
c) Mixed Economy
d) Market Economy

Economic system that combines elements of the command and market economies.
a) Dual Economy
b) Mixed Economy
c) Traditional Economy
d) Differing Economy

Refers to the private ownership of resources by individuals, rather than by the government.
a) Capitalism
b) Marketism
c) Private Sector
d) Free Trade

A name of the U.S. economy is
a) Capitalism
b) Free Enterprise
c) Private Enterprise
d) All of the above

Goods and services are produced in a way it has always been done
a) Command Economy
b) Market Economy
c) Mixed Economy
d) Traditional Economy

Money left from sales after all the costs from operating the business has been paid
a) Bank Account
b) Cha Ching
c) Profit
d) Loss

Rivalry among businesses to sell their goods and services
a) Friction
b) Competition
c) Bargaining
d) Quarreling

Private property means you can do what with things of value?
a) own
b) use
c) dispose
d) all of the above

How many economic questions are answered by EACH economic system?
a) 4
b) 3
c) 2
d) 1

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