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- 1. Multiple Choice
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
- 2. Multiple ChoiceWhat are capital resources?things from nature used to produce goodsthe machines, tools, and buildings used to produce goodsthe people used to produce goods
- 3. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 4. Multiple ChoiceWhich provides the greatest incentive for entrepreneurs to take risks?pricesinflationprofitsinterest
- 5. Multiple Choice
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
- 6. Multiple Choice
Oil, natural gas, and coal
human resources
natural resources
entrepreneurship
capital resources
- 7. Multiple Choice
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- 8. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 9. Multiple ChoiceThe four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- 10. Multiple ChoiceA person who comes up with a product or service, and finds the money and time to produce this new product.EntrepreneurIncentiveSpecializationBarter
- 11. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 12. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 13. Multiple ChoiceI am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- 14. Multiple Choice
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
- 15. Multiple ChoiceSam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand
- 16. Multiple ChoiceMary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.TraditionalFree MarketMixedCommand
- 17. Multiple ChoiceNike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.Free MarketCommandTraditional
- 18. Multiple ChoiceWho or what answers the basic economic questions in a mixed economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 19. Multiple ChoiceWho or what answers the basic economic questions in a command economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 20. Multiple ChoiceWho or what answers the basic economic questions in a free market economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- Answer choicesTagsAnswer choicesTags