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Social Studies, Mathematics, History
12th
grade
ECONOMICS QUIZ - Economies 1a
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10 questions
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- Multiple ChoicePlease save your changes before editing any questions.
In this type of economy, the people decide the supply, demand, and price.
Market
Traditional
Command
- Multiple ChoicePlease save your changes before editing any questions.
This type of economy is passed down through family traditions. They learn from their parents.
Traditional
Market
Mixed
- 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
- Multiple ChoicePlease save your changes before editing any questions.
Who invented communism?
Plato
Karl Marx
Adam Smith
- 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 Market
Labor Market and Product Market
Factor Market and Product Market
- Multiple ChoicePlease save your changes before editing any questions.
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
- Multiple ChoicePlease save your changes before editing any questions.
The amount of money a business makes after its expenses are paid
profit
supply
demand
- 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
- 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
- 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 equality
open opportunity
private property