
Economics Test Review
Authored by Christine Bullard
History
8th Grade
Used 12+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Countries determine what to produce, how to produce it, and who will receive it based on -
the type of economy the country has
geography
the resources of the country
goods and services within the country
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What's the major difference between a free market economy and a mixed market economy?
government is more involved in a free market economy
government is more involved in mixed market economy
the amount of supply of resources
the amount of demand for resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity is caused by ___________ resources.
cheap
many
functional
limited
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As the central bank of the US, the primary function of the Federal Reserve system is to -
regulate stock market trading
preserve fair competition
maintain the value of the dollar by keeping inflation law and steady
maintain a high rate of deflation
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Why does the government create anti-trust laws? CHOOSE TWO (2) answers.
to stop monopolies
to develop specialization
to promote competition
to stop government regulations
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is TRUE about a command economy? CHOOSE TWO (2) answers.
lots of consumer choices
government owns all property/resources
centrally planned economy
competition is encouraged
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is TRUE about the American economy? CHOOSE TWO (2) answers.
Lack of consumer choice
People can earn profit
Mixed economy
completely centrally owned property
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