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Economics

Quiz by Jason Webb

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39 questions
Show answers
  • Q1
    All of the following are characteristics of capitalism except...
    investing for profit
    private ownership of property
    governmental control of businesses
    free competition
    30s
  • Q2
    In a pure traditional economy, production and distribution of goods are based on their past customs, practices, and beliefs.
    False
    True
    30s
  • Q3
    In a socialist economy, some of the means of production are owned by
    corporate groups
    private citizens.
    the government.
    the wealthy
    30s
  • Q4
    All of the following are names for a market economy except for _________________.
    Quota vs. Shortages
    Free Enterprise
    Laissez-faire
    Capitalism
    30s
  • Q5
    Which best completes the table?
    Question Image
    Market
    Traditional
    Command
    Mixed
    30s
  • Q6
    A market economy is guided by the concept of supply and demand.
    Question Image
    True
    False
    30s
  • Q7
    Which statement best describes a defining characteristic of traditional economies?
    Production is based on cultural customs.
    Consumer demand determines production levels.
    Production is mandated by the state.
    Businesses work with governments to set production goals.
    30s
  • Q8
    These two countries have slowly changed from a command economy to a mixed economy.
    Question Image
    Australia & America
    Finland & Canada
    China & India
    Russia & China
    30s
  • Q9
    In what system does the government control all of the means of production, including private property, and make all decisions on how resources are to be used?
    capitalism
    communism
    socialism
    mercantilism
    30s
  • Q10
    The United States has a mixed economic system that blends elements of the market system and command system together.
    True
    False
    30s
  • Q11
    How much money, land and possessions each person gets in a society
    economic system
    distribution of wealth
    specialization
    capitalism
    30s
  • Q12
    People concentrate their efforts in the activities they do best
    supply and demand
    distribution of wealth
    economic system
    specialization
    30s
  • Q13
    How society uses resources to satisfy people's wants
    specialization
    distribution of wealth
    economic system
    communism
    30s
  • Q14
    Command economic systems are sometimes referred to as a Communist economic system because of its close ties to the type of government it supports.
    True
    False
    30s
  • Q15
    What is the role of government in a command economy?
    The government has no role.
    The government decides all economic activity.
    Only feudal lord or sovereign is there, no formal government.
    The government decides some economic activity
    30s

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