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Economics!

Quiz by Jen Dombrowski

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14 questions
Show answers
  • Q1
    A command economy is an economy in which:
    Consumers control the economy
    There is total government control over the economy
    There is no government control
    Buyers control the economy
    30s
  • Q2
    The oldest type of economy is the:
    Traditional Economy
    Mixed Economy
    Command Economy
    Market Economy
    30s
  • Q3
    Production in this type of economy is determined by customs, beliefs, and traditions.
    Traditional
    Mixed
    Command
    Market
    30s
  • Q4
    In a market economy, supply is determined by:
    The interaction between buyers and sellers
    The sellers only
    The government
    The interaction between the government and other government officials
    30s
  • Q5
    A mixed economy can be described by:
    a combination of various traditional economies
    a combination of traditional and command economies
    a combination of both market & command economies
    30s
  • Q6
    True or False: Even in market economy, no market is truly free.
    False
    True
    30s
  • Q7
    The three factors of production are:
    Labor, Market, Trade
    Land, Capital, Food
    Land, Labor, Capital
    Land, Economics, Capital
    30s
  • Q8
    What is the main economic problem?
    The main problem is what type of economy will exist
    The main problem is that human wants and needs are limited and goods and resources are unlimited
    The main problem is that human wants and needs are UNLIMITED while goods and resources are LIMITED
    The main problem is who determines what type of economy will exist.
    30s
  • Q9
    This country would be described as a command economy:
    United States
    Venezuela
    Hawaii
    Jamaica
    30s
  • Q10
    There are three main economic questions and how those are answered determine what type of economy a nation will have. Which is NOT one of the three main economic questions?
    Who will consume those goods and services?
    What goods and services will be produced?
    How will the goods and services be produced?
    How will those goods and services be distributed amongst society?
    30s
  • Q11
    One way to define economics would be:
    How businesses decide to produce items and what they price their goods at to help people solve their limited needs.
    How businesses, people, government, and nations choose to distribute scare resources to satisfy their unlimited wants and needs.
    How people chose to spend their money and determine what they will consumer.
    30s
  • Q12
    The four things on the outside of the circular flow chart are:
    Government, Consumers, Buyers
    Household, Market, Consumption
    Resources, Products, Businesses, Households
    30s
  • Q13
    Who makes up the "Household" on the circular flow chart?
    Government officials
    Business Owners
    People like you and me!
    30s
  • Q14
    Who/what is in the middle of the circular flow chart?
    Government
    Products
    Markets
    Households
    30s

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