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Social Studies, Education, Mathematics
12th
grade
ECONOMICS QUIZ - Economies
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20 questions
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- Multiple ChoicePlease save your changes before editing any questions.
The type of government that has total control over the people and the police use power by force is called what?
Anarchy
Monarchy
Limited
Authoritarian
- Multiple ChoicePlease save your changes before editing any questions.In this type of economy, the people decide the supply, demand, and price.MarketTraditionalCommandMixed
- Multiple ChoicePlease save your changes before editing any questions.This type of economy is passed down through family traditions. They learn from their parents.TraditionalMarketMixedCommand
- Multiple ChoicePlease save your changes before editing any questions.
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
- Multiple ChoicePlease save your changes before editing any questions.Which type of economy is usually paired with a Communist government?MixedMarketCommandTraditional
- Multiple ChoicePlease save your changes before editing any questions.
Who invented communism?
Plato
Karl Marx
Paul Samuelson
Adam Smith
- Multiple ChoicePlease save your changes before editing any questions.
Capitalism is in what type of economy?
Traditional
Command
Market
Authortarian
- Multiple ChoicePlease save your changes before editing any questions.Which of the following are markets involved in the circular flow model?Factor Market and Resource MarketLabor Market and Product MarketFactor Market and Product MarketResource Market and Labor Market
- Multiple ChoicePlease save your changes before editing any questions.Which two groups of people are represented in the circular flow model?Buyers and SellersProducers and ConsumersGovernment and Private IndividualsHouseholds and Businesses
- Multiple ChoicePlease save your changes before editing any questions.
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
- Multiple ChoicePlease save your changes before editing any questions.
When customers and business owners exchange products and money, because it will help them both in some way.
voluntary exchange
volunteering to help someone for free
opportunity cost
reading quizzes
- Multiple ChoicePlease save your changes before editing any questions.
The amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
- Multiple ChoicePlease save your changes before editing any questions.
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
- Multiple ChoicePlease save your changes before editing any questions.
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- Multiple ChoicePlease save your changes before editing any questions.
A economist who introduced the steady increase of the supply of money within growing economies.
David Ricardo
John Maynard Keynes
Milton Friedman
Beatrice Webb
- Multiple ChoicePlease save your changes before editing any questions.
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
- Multiple ChoicePlease save your changes before editing any questions.
Privatization refers to ....
Transfer of assets from people to government
Transfer of assets from public to private organizations
Transfer of assets from corporate to public
Transfer of assets from corporate to government
- Multiple ChoicePlease save your changes before editing any questions.
Buyers choose what items are produced based on their spending habits
Consumer Sovereignty
Factors of Production
Efficiency
Cost / Benefit Analysis
- Multiple ChoicePlease save your changes before editing any questions.The driving force behind people going into business isprofit marginprofit motiveopportunity costtaxes
- Multiple ChoicePlease save your changes before editing any questions.The concept that people have the right and privilege to control their possessions as they wish.legal equalityopen opportunityprivate propertyprofit incentive