Econ Unit 1 Review

Econ Unit 1 Review

Assessment

Flashcard

Business

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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30 questions

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1.

FLASHCARD QUESTION

Front

What is the primary characteristic of a command economy?

Back

Government dictates production and distribution

2.

FLASHCARD QUESTION

Front

In a traditional economy, which of the following is most likely true?
Options:
Innovation drives production decisions
Custom and history influence resource allocation
Governments heavily regulate markets
Income inequality is a defining feature

Back

Custom and history influence resource allocation

3.

FLASHCARD QUESTION

Front

Which of the following best describes a mixed economy? A) A balance between market freedom and government intervention, B) A system focused solely on private ownership, C) No government involvement in the economy, D) High degree of poverty and reliance on traditions

Back

A balance between market freedom and government intervention

4.

FLASHCARD QUESTION

Front

Which of the following economic systems is characterized by laissez-faire policies? Traditional Economy, Command Economy, Free Market Economy, Mixed Economy

Back

Free Market Economy

5.

FLASHCARD QUESTION

Front

Which of the following is a con of market economies? High degree of predictability and security, Lack of competition, Increased income inequality, Governmental control of resources

Back

Increased income inequality

6.

FLASHCARD QUESTION

Front

What is a significant drawback of a command economy?

Back

Denial of basic human rights and freedoms

7.

FLASHCARD QUESTION

Front

The concept of "Circular Flow" in a market economy involves interactions between which entities?

Back

Households and firms

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