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Worlds economies

Quiz by Jim Whitaker

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11 questions
Show answers
  • Q1
    In a market economy, who primarily decides which goods and services are produced and what their prices should be?
    A single traditional village leader
    The military and police forces
    A central government committee
    Consumers and private businesses
    30s
  • Q2
    Which term describes a system that combines elements of both a market economy and a command economy?
    A traditional economy
    A barter economy
    A rigid economy
    A mixed economy
    30s
  • Q3
    Which of the following describes a 'Command Economy'?
    Individuals trade goods directly without using any form of money.
    International trade is the only way the country makes money.
    The government makes all the major economic decisions about production and prices.
    Economic decisions are based solely on ancient customs and religious beliefs.
    30s
  • Q4
    What is the primary characteristic of a 'Traditional Economy'?
    The government uses computers to plan all food production.
    The stock market determines the value of all local goods.
    Large corporations compete to offer the lowest prices.
    Economic decisions are based on long-standing customs, beliefs, and habits.
    30s
  • Q5
    What happens to the price of a popular toy if many people want to buy it but there are only a few left in the stores?
    The price stays exactly the same.
    The store gives the toy away for free.
    The price usually increases.
    The price usually decreases.
    30s
  • Q6
    What is the term for the people who take a risk to start a new business or create a new product in an economy?
    Consumers
    Retailers
    Entrepreneurs
    Distributors
    30s
  • Q7

    What are some characteristics of the U.S. economic system, that  motivate  entrepreneurs to take risks and start new businesses?

    Profit motivation and the freedom to operate and compete without government regulations.

    Government requirements and controls

    Traditional inheritance

    Socialist planning by government entities.

    30s
  • Q8

    Why does the free enterprise sytem follow ethical principles?

    ensures everyone has the same amount of money

    It allows the government to have better control over business.

    It limits the coices consumers have in the market

    it encourages healthy competition and fair business practices

    30s
  • Q9

    Which economy allow the most individual freedom and private ownership?

    Command

    Socialism 

    Free enterprise

    Communism

    30s
  • Q10

    In a limited democracy, what is the primary purpose of a constitution or a set of laws?

    To limit the power of leaders and protect the rights of citizens

    To give the government total control over every person's life

    To ensure that leaders can change laws whenever they want

    To prevent citizens from voting in national elections

    30s
  • Q11

    Which form of government allows citizens to participate in the decision-making process by voting for their leaders?

    monarchy

    Democracy

    Autocracy

    Theocracy

    30s

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