Government-Economics

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

The United States economy is based on this system:

• Command
• Market
• Traditional
• Socialist

This system only can exist in small, more isolated societies today.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

If there is not enough of something it is described as?

• free
• scarce
• plentiful

Which of the following is largely responsible for the growth of a free enterprise system?

• Government
• GDP
• Profit Motive
• Market Efficiency 

The four factors of production are land, labor, capital, and _______ .

• Entrepreneurs
• Franchises
• Inflation
• the Government

What is the best measure of the economic well-being of a country?

• net worth
• GDP
• open market value of goods
• the daily stock market performance