CE.11-14 Benchmark Review

Which type of economic system is a combination of privately-owned industry and government control?

• Traditional
• Mixed
• Command
• Market

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

• Free Market
• Traditional
• Command
• Mixed Market

Which of the following is NOT one of the questions every economic system must answer?

• How to produce?
• What to produce?
• Who will produce?
• Whom to produce for?

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 -

• debt
• production
• supply and demand
• scarcity

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

• The price goes up.
• The price stays the same.
• The price immediately goes up, then down.
• The price goes down.

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

• choice
• resource
• price
• incentive

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

• competition
• business expansion
• profit motive
• consumer sovereignty

What type of business organization is authorized by law to act as a legal person regardless of the number of owners?

• partnership
• corporation
• proprietorship
• government

What type of business organization has one owner who takes all the risks and all the profits?

• partnership
• corporation
• proprietorship
• dictatorship

What type of business organization has two or more owners who share risks and profits?

• proprietorship
• partnership
• corporation
• friendship