Economics Final Exam

Economics Final Exam

Assessment

Flashcard

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Social Studies

12th Grade

Hard

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104 questions

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1.

FLASHCARD QUESTION

Front

What is a command economy?

Back

An economy where the government makes most of the economic decisions.

2.

FLASHCARD QUESTION

Front

What are the advantages of a market economy? A. It rewards individual initiative. B. It encourages innovation. C. It provides a wide variety of goods and services.

Back

All of the above.

3.

FLASHCARD QUESTION

Front

What is a mixed economy?

Back

An economy where consumers and businesses jointly answer questions of what, how, and for whom to produce.

4.

FLASHCARD QUESTION

Front

What is the role of the government in a mixed economy?

Back

To make some economic decisions.

5.

FLASHCARD QUESTION

Front

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

Back

Command

6.

FLASHCARD QUESTION

Front

What type of economy determines prices of goods and services based on supply and demand, has little to no government regulation of business, and allows privately controlled resources?

Back

Market

7.

FLASHCARD QUESTION

Front

Which economic system allows government to help protect consumers and regulate prices, government has some control over business and resources and can be privately owned and controlled?

Back

Mixed

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