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Economics

Quiz by Peck

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8 questions
Show answers
  • Q1
    Which of these is usually true in nations with a market economy?
    Consumers have little choice in the types of goods they may buy.
    Business that are inefficient risk going out of business.
    Most farms are owned and operated by the government.
    Workers are restricted by the government from changing jobs.
    30s
  • Q2
    In a market economy, who decides how resources are used and distributed?
    state and national governments
    a board of trustees
    a central planning board
    consumers and producers
    30s
  • Q3
    Which of these is most often encouraged by the government in a command economy?
    competition between businesses
    private ownership of property
    national production goals
    inherited occupational roles
    30s
  • Q4
    Why do some nations adopt command economies during wars?
    to satisfy demand for consumer goods
    to discourage the growth of monopolies
    to increase the standard of living
    to focus resources on essential industries
    30s
  • Q5
    A toy company is moving its main production plant to a Maryland county. Which of these would be the most likely effect on the county?
    an increase in the need for government services
    a decline in job opportunities
    a decline in school enrollment
    an increase in the number of elderly residents
    30s
  • Q6
    What is the opportunity cost for state governments that spend state money during natural disasters?
    Other services offered by the states may have to be cut.
    State governments may receive additional highway funds.
    Prices for snow removal equipment may increase.
    Main highways between states may be blocked.
    30s
  • Q7
    The basic economic questions in the United States are mainly answered by
    the President of the United States
    the United States Congress
    individuals and businesses
    state and local governments
    30s
  • Q8
    A traditional economy is an economic system
    controlled completely by the government
    composed of elements of capitalism and socialism
    based on long-standing customs
    determined solely by individuals competing for profits
    30s

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