Economic Systems Question Preview (ID: 36542)


Alberta SS 9. TEACHERS: click here for quick copy question ID numbers.

North Korea's four wireless companies are owned by the North Korean government. This is an example of which type of economy?
a) mixed economy
b) monopoly
c) traditional economy
d) command economy

The United States has which type of economy?
a) market
b) command
c) traditional
d) mixed

In this type of economic system, the decisions are made by the people.
a) market
b) command
c) mixed
d) traditional

Which economic system is a combination of the market and command systems?
a) market
b) traditional
c) mixed
d) command

Individuals can NOT own or start their own business in this type of economic system.
a) traditional
b) command
c) mixed
d) market

This economic system is based on customs and habits.
a) mixed
b) traditional
c) market
d) command

This economic system is generally limited to farming and herding.
a) command
b) mixed
c) market
d) traditional

There are four economies. Which one is centrally owned by the government?
a) communist
b) capitalist
c) socialist
d) Laissez-Faire

Which one is NOT one of the basic economic questions?
a) Who will buy the product or service?
b) What product or service will be made/offered?
c) What is the product or service going to cost?
d) Who will get the product or service?

This word describes the fact that there are unlimited wants but limited resourceds.
a) opportunity cost
b) resources
c) price
d) scarcity

Every country must develop a(n) _____ system to determine how to use its limited productive resources.
a) economic
b) dual court
c) civil
d) criminal

Rivalry between producers of a good results in better quality goods at a lower price. This is called:
a) corporation
b) capitalism
c) competition
d) consumer sovereignty

Profit is
a) tools and knowledge used by humans
b) the difference between cost and income
c) bringing water to crops
d) the cost to make a product

If there is high demand and low supply, what should happen to prices?
a) nothing
b) go up
c) go down
d)

Increased government spending may result in higher taxes; decreased government spending may result in _____.
a) higher taxes
b) higher wages
c) lower taxes
d) lower wages

Which of the following is NOT a factor of production?
a) land
b) labour
c) capital
d) profit

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