This cartoonist probably agrees that businesses would be more productive if the government

set higher ergonomic standards for the workplace

Which statement is NOT an assumption of market capitalism?

wealth and resources are equally distributed.

the means of production will be privately owned.

transactions will be voluntary on the part of the buyer and seller.

the government’s economic role is minimal.

What are product markets?

where goods and services are bought and sold

an organization that produces goods and services for sale

a person or a group of people who share income

households spending on goods and services

What is standard of living?

It measures how well off people in a country are.

the percentage of people in a country that can read and write.

the average number of years a person in a country is expected to live.

What is one advantage of specialization?

A factory can produce more goods in less time and for less money.

Factories cannot produce goods as quickly.

Workers do not become experts in their jobs.

Businesses cannot sell as many types of goods when they specialize.

Which explanation best reflects a country with a mixed economy?

Businesses are controlled by both the government and citizens.

Businesses are run solely by individual citizens.

The government is not involved at all in the economy.

The government determines what will be produced.

Why does even a free market need some government intervention?

to provide for things that the marketplace does not address

ensure the gov't has freedom to tax as necessary

Make sure the gov't can fulfill its needs for military

so the gov't has some control over factor resources

Which of the following is NOT a key economic question?

How should it be ensured that goods/services are paid for?

What goods and services should be produced?

How should these goods and services be produced?

Who consumes these goods and services?

What is the product market?

Where households buy goods/services that firms make

Where payments are received for selling stuff to consumers

Where income is received for supplying land/labor/capital

where firms buy factors of production from households

What is the purpose of competition?

to act as a regulating force in the marketplace

to cause producers to try to put each other out of business

to cause buyers to be careful about spending money

to act as a motivating force behind the free market

Which is the function of an economic system?

to produce and distribute goods/services

to make sure all people have equal access to goods

to give all producers the same access to consumers

to make sure people are paid for their labor

What is an important advantage of a free market?

It offers a wide variety of goods/services

It doesn't change unless the government directs it

What could be a hardship for citizens of a transitioning country?

workers would lose job security and guaranteed incomes

Farmers would have to grow what the gov't said

Poor quality goods available, quantity>quality

Entrepreneurs would have fewer opportunities

A person who believed in laissez faire would disapprove of ___.

government funding of education

the invisible hand of the marketplace

self-interest as the motivating force in the free market

Free Enterprise and Other Economic Systems Test Review

Authored by Kristen Schaeffer

Other

9th - 12th Grade

CCSS covered

Used 79+ times

Free Enterprise and Other Economic Systems Test Review

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View
Student View

61 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

The people

The government

Beyonce

The traditions of your ancestors

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three economic questions?

What to produce? How to produce? For whom to produce?

Who to produce? Why you produce? Like to produce?

Why to produce? Tell who to produce? Things to produce?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the government makes me produce 70 T-Shirts, what economic system is this?

Mixed

Traditional

Command

Market

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this?

Mixed

Market

Traditional

Command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Traditional

Market

Command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can the three basic economic questions determine?

What kind of government a country has.

What kind of economic system a country has.

Whether or not most people live in poverty.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the characteristics of a market economy?

property rights

competitive markets

freely determined prices

centrally planned production

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft

or continue with

Facebook

Apple

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Wayground

65 questions

Kitchen Equipment

Quiz

•

9th - 12th Grade

63 questions

Founder's Day - Teacher Trivia

Quiz

•

7th - 12th Grade

60 questions

Lesson 3.1 Nutrition

Quiz

•

9th - 12th Grade

62 questions

Intro Culinary Arts Semester Exam Review 2022

Quiz

•

9th - 12th Grade

60 questions

IPHP: Branches of Philosophy

Quiz

•

12th Grade

60 questions

K3LH dan Profesionalisme Kerja

Quiz

•

11th Grade - University

60 questions

Marketing Exploration: Final Exam

Quiz

•

9th - 12th Grade

60 questions

los numeros 0-100

Quiz

•

5th - 9th Grade

Popular Resources on Wayground

6 questions

PRIDE Always and Everywhere

Presentation

•

12th Grade

20 questions

Lab Safety Quiz

Quiz

•

6th Grade

26 questions

KOR Review Kahoot Questions

Quiz

•

8th Grade

21 questions

Continents and Oceans

Quiz

•

6th Grade

12 questions

Unit Zero lesson 2 cafeteria

Presentation

•

9th - 12th Grade

20 questions

Parts of Speech

Quiz

•

5th Grade

10 questions

Riddles Riddles fun Riddles

Quiz

•

6th - 12th Grade

16 questions

Subject & Predicate

Quiz

•

5th Grade

Discover more resources for Other

6 questions

PRIDE Always and Everywhere

Presentation

•

12th Grade

12 questions

Unit Zero lesson 2 cafeteria

Presentation

•

9th - 12th Grade

21 questions

Lab Safety

Quiz

•

10th Grade

10 questions

Riddles Riddles fun Riddles

Quiz

•

6th - 12th Grade

6 questions

PRIDE in the Hallways and Bathrooms

Presentation

•

12th Grade

10 questions

Would you Rather?

Quiz

•

9th - 12th Grade

20 questions

Characteristics of Life

Quiz

•

9th - 10th Grade

10 questions

Scientific Method (The scientific method)

Interactive video

•

9th Grade

Free Enterprise and Other Economic Systems Test Review

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

What are the three economic questions?

If the government makes me produce 70 T-Shirts, what economic system is this?

If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this?

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

What can the three basic economic questions determine?

Which of the following is NOT one of the characteristics of a market economy?

Government program helps pay the medical expenses for a worker who is injured on the job. On the diagram, should this program be located in P, Q, R, or S?

This cartoonist probably agrees that businesses would be more productive if the government

Which statement is NOT an assumption of market capitalism?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Other