Market Economy Question Preview (ID: 38971)


Questions About Market Economies. TEACHERS: click here for quick copy question ID numbers.

How does competition work in a market economy?
a) consumers compete to be the highest bidder on goods
b) Producers have to compete with each other for consumer's money
c) Producers only make a few of each goods and let consumers fight over them
d) scarcity leads to riots over the goods.

How do consumers have the power in a market economy?
a) They don't, the government does
b) consumers create the products in an economy
c) what consumers buy is produced
d) Consumers get to decide how much each item costs

Market economies are driven by
a) supply and demand.
b) the government.
c) tradition.
d) religion.

How does supply and demand work?
a) consumers will only demand what is supplied
b) the two are not connected
c) Supply and demand are basically the same thing
d) producers will supply what consumers demand

In a pure laissez faire (market) economy the government
a) makes all of the decisions.
b) makes some of the decisions.
c) doesn't exist.
d) doesn't make any of the decisions.

What does laissez faire mean?
a) let the government decide
b) let the people decide
c) let the government decide
d) let the banks decide

Market economies are
a) controlled by the government.
b) laissez faire.
c) have some government control.
d) based off of customs and beliefs.

What are the factors of production
a) goods and services that you can buy
b) people who buy goods and services
c) resources needed to make goods and services
d) items that are necessary to sustain human life

Who owns the factors of production in a market economy?
a) the people
b) the government
c) big businesses
d) the church

What is a consumer?
a) Someone who makes goods
b) someone who provides a service
c) someone who follows traditions
d) someone who buys goods/service

Who has power in a market economy?
a) consumers
b) businesses
c) government
d) tradition

Which is not one of the economic questions?
a) What will be made?
b) How will goods be made?
c) Who will make the goods?
d) For whom will goods be made?

Which type of government goes well with a market economy?
a) monarchy
b) dictatorship
c) theocracy
d) democracy

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