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Economics Test #2 Review

Quiz by Karen Cross

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16 questions
Show answers
  • Q1
    Type of business organization that limits the owners' risk to just the amount invested:
    Proprietorship
    Corporation
    Partnership
    30s
  • Q2
    Type of business organization owned by two or more people who share all profits and risk:
    Partnership
    Corporation
    Proprietorship
    30s
  • Q3
    Type of business organization in which there is one owner who has all the risk and all the profits.
    Corporation
    Proprietorship
    Partnership
    30s
  • Q4
    The three types of economic systems are Free Market, Traditional, Mixed, and:
    Limited
    Command
    Entrepreneurial
    Capitalism
    30s
  • Q5
    What determines the type of economic system a country has?
    Amount of government involvement
    Vote of the people
    Number of consumers/producers
    Profit motive
    30s
  • Q6
    Circular Flow of Economics includes all of the following EXCEPT:
    Government
    Households
    Incentives
    Businesses
    30s
  • Q7
    What type of economic system has both a private and public sector?
    Free Market
    Command
    Traditional
    Mixed
    30s
  • Q8
    Sales, Discounts, Coupons, Tax Credits, Buy one-get one are all examples of:
    Scarcity
    Incentives
    Profit
    Opportunity Cost
    30s
  • Q9
    Buyers determine what is produced by what they demand. This is called:
    Profit
    Scarcity
    Consumer Sovereignty
    Opportunity Cost
    30s
  • Q10
    The interaction of supply and demand determine:
    Price
    Profit
    Incentive
    Government regulation
    30s
  • Q11
    Which of the following is a result of scarcity?
    Incentive
    Opportunity Cost
    Choice
    Consumer Sovereignty
    30s
  • Q12
    Economic system in which most people are subsistence farmers and are poor.
    Mixed
    Command
    Free Market
    Traditional
    30s
  • Q13
    The amount of money left after all expenses have been paid.
    Demand
    Scarcity
    Supply
    Profit
    30s
  • Q14
    Which of the following is authorized to act as a legal entity?
    Corporation
    Proprietorship
    Partnership
    30s
  • Q15
    Rivalry between producers of the same type of good or service.
    Profit
    Competition
    Scarcity
    Opportunity Cost
    30s

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