Skip to Content
15 questions
Show Answers
See Preview
- 1. Multiple-choice30 seconds1 pt
A type of economy where products, prices, and services are determined by the people, not the government is called the ________ system.
Traditional
Command
Market
Mixed
- 2. Multiple-choice30 seconds1 pt
Things you would like to have, but are not required to survive are called ____.
Services
Wants
Needs
Goods
- 3. Multiple-choice30 seconds1 pt
What is the study of the way we use goods and money?
Geography
History
Economics
Culture
- 4. Multiple-choice30 seconds1 pt
Someone who buys or pays for a good or service
Producer
User
Consumer
Marker
- 5. Multiple-choice30 seconds1 pt
What type of economy does the United States have?
Deomocratic
Traditional
True Capitalist
Mixed
- 6. Multiple-choice30 seconds1 pt
In what type of economic system does the government make ALL decisions regarding the production of goods, who produces them, and who will consume them?
Command Economy
Mixed Economy
Traditional Economy
Capitalist Economy
- 7. Multiple-choice30 seconds1 pt
North Korea's 4 wireless companies are owned by the North Koran government. This is an example of the _____ economic system.
Mixed
Command
Traditional
Market
- 8. Multiple-choice30 seconds1 pt
Which of the following correctly describes a traditional economy?
Buyers and sellers decide what to produce.
The U.S. is an example of a traditional economic System.
Basic economic questions are answered based on ritual, habit, or custom.
The government decides what good and services are produced and how to produce them.
- 9. Multiple-choice30 seconds1 pt
A combination of market and command economy is called a ________.
Mixed Economy
Traditional Economy
Market Economy
Command Economy
- 10. Multiple-choice30 seconds1 pt
Which term means the limited supply of something?
Barter
Trade
Scarcity
Free Enterprise
- 11. Multiple-choice30 seconds1 pt
What is a country's plan of how to use its limited resources?
Free Enterprise
Economic Systems
Scarcity
None of the Above
- 12. Multiple-choice30 seconds1 pt
Which of the following is true of a traditional economy?
They barter, or trade (without using money).
Economic systems are based on customs, traditions, and beliefs of the past.
They barter, or trade (with money).
Two answers are true: they barter/trade without money AND the system is based on customs, traditions, and beliefs of the past.
- 13. Multiple-choice30 seconds1 pt
Which of the following is NOT true about free enterprise?
It can be found in a Command economy.
It is the competition between companies.
It can be found in Market and Mixed economies.
It shifts the prices of goods and services.
- 14. Multiple-choice30 seconds1 pt
Which type of economic system has no rules or laws created by government to make sure goods and services are safe? (In its truest form.)
A Mixed Economy
A Traditional Economy
A Market Economy
A Command Economy
- 15. Multiple-choice30 seconds1 pt
Which of the following statements is false?
Communist countries have command economies.
Most democratic countries have mixed economies.
Democratic countries have command economies.
Villages in South America and Africa have traditional economies
