CE.11-14 Benchmark Review

Front

Which type of economic system is a combination of privately-owned industry and government control? Options: Traditional, Mixed, Command, Market

Back

Mixed

Front

In which type of economic system can businesses operate without ANY government regulation?

Back

Free Market

Front

Which of the following is NOT one of the questions every economic system must answer? Options: How to produce?, What to produce?, Who will produce?, Whom to produce for?

Back

How to produce?

Front

Riddle: When people cannot get all they want or need at the same time, they blame me for limited resources, goods, and services. I am called -

Back

scarcity

Front

If the demand for a product exceeds the supply, what will happen to the price?

Back

The price goes up.

Front

The amount of money exchanged for a good or service is called the -

Back

price

Front

Riddle: I give consumers control of the economic market. Consumers determine through buying goods and services what goods and services will be produced. I am called -

Back

consumer sovereignty

Front

What type of business organization is authorized by law to act as a legal person regardless of the number of owners? Options: partnership, corporation, proprietorship, government

Back

corporation

Front

What type of business organization has one owner who takes all the risks and all the profits? Options: partnership, corporation, proprietorship, dictatorship

Back

proprietorship

Front

What type of business organization has two or more owners who share risks and profits? Options: proprietorship, partnership, corporation, friendship

Back

partnership