Economics Test Review #2 Question Preview (ID: 36563)


Economics Test Review #2. TEACHERS: click here for quick copy question ID numbers.

The government of North Korea provides food for its citizens. However, the food is often in short supply, has little variety, and of poor quality. What type of economy is it?
a) Command
b) Traditional
c) Free Market
d) Mixed

The type of economy a country has is based on the amount of _____________ involvement in economic decisions.
a) Consumer Choice
b) Business Profit
c) Government
d) Industrial Productivity

An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth.
a) Traditional
b) Command
c) Free Market
d) Mixed

Rivalry between producers of a good or service results in better quality goods and services at a lower price. This is called -
a) Free Market
b) Profit
c) Consumer Sovereignty
d) Competition

The United States government has required a recall on certain brands of cereal that have contaminated ingredients. The government can recall items to insure safety of -
a) The private sector
b) The public sector
c) The natural resources
d) The justice system

What does the interaction between supply and demand decide?
a) Consumer preferences
b) Free markets
c) Price of goods and services
d) Mixed economies

The people with the ideas and courage to start a business are known as which type of resource?
a) Natural
b) Human
c) Entrepreneurship
d) Capital

Which is an example of sole proprietorship?
a) Spencer owns a restaurant and is responsible for all of its debts.
b) Jason owns stocks in a ladder company and receives a portion of its profits.
c) Jack and Jakob own a bookstore and are both responsible for its debts.
d) Ari and Selah own a flower shop and share equally in its profits.

Henry has a lemonade stand. He earned $15. His expenses were $9. What is the remaining $6?
a) Cost
b) Profit
c) Dividends
d) Interest

What is supply?
a) amount producers are willing to sell
b) amount consumers are willing to buy
c) amount an item costs
d) amount that determines what is purchased

In a proprietorship, the profits are kept by -
a) One person
b) Two people
c) A Group of people
d) The government

Which of the following is NOT one of basic types of profit-seeking business structures?
a) Partnership
b) Corporation
c) Sole Proprietorship
d) Entrepreneur

Which of the following is NOT a characteristic of a command economy?
a) Lack of Consumer Choice
b) Profit Motive
c) Government ownership of property/resources
d) Centrally-planned economy

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