Economics SW Asia: Question Preview (ID: 22275)

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Which of these best describe a mixed economy?
a) Prices and wages are solely regulated by a country’s government.
b) A combination of privately-owned industry and government control.
c) A country’s distribution of resources is based on inheritance.
d) Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

Which of these best describes a Market economy?
a) A person can start any legal business and charge any price.
b) The government provides food and housing to all workers.
c) The government provides services, such as telephones and television.
d) National businesses, such as airlines, are owned by the government

The U.S. has limited its trade with Iran over the last 30 years. This is an example of which trade barrier?
a) embargo
b) tariff
c) quota
d) subsidy

A 7th grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
a) Natural resources
b) Human resources
c) Capital resources
d) Entrepreneurship

What is a tariff?
a) a limit on imported goods from a certain country
b) a tax on imports
c) a refusal to trade with countries in a specific region
d) a type of economic system

In a Market economy, you would find:
a) Competition
b) Government controlled agriculture
c) Government controlled industry
d) Citizens elect their leaders

Why do most countries have a mixed economy?
a) Market is best for growing your economy, but the consumers need protection from fraud.
b) Because most governments are unwilling to leave a Pure Market economy alone
c) Most countries do not have a mixed economy
d) Because natural resources are unequally distributed

Market economic system means:
a) Government decides what to produce
b) Custom and tradition determines what to produce
c) Producers and consumers work together to determine what to produce
d) Citizens elect their leaders

All societies must answer the 3 basic economic questions. Which are:
a) What to produce, how to produce, and for whom to produce?
b) When to produce, where to produce, and for what purpose to produce?
c) Whether to produce, which resource to use, and to export goods or not?
d) What to eat, when to eat, and where to eat?

In which economic system does a single authority decide what is produced?
a) Traditional
b) Command
c) Public
d) Market

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