Finance Chapter 5/6 Unit Test

An economic system based on the private ownership of businesses and the products made and sold is called a _____________ economy.

• command

• market

• traditional

• mixed

An economic system in which the government owns, controls, and regulates all aspects of production, trade, and income generated by the most valuable resources is called a _____________ economy.

• command

• market

• traditional

• mixed

An economic system that is based on tradition and most often found in underdeveloped regions is called a _____________ economy.

• command

• market

• traditional

• mixed

A market economy is driven by the economic principle of supply and demand.

• True

• False

In which economic sector are raw materials harvested?

• primary

• secondary

• tertiary

• quaternary

In which economic sector are raw materials turned into finished products?

• primary

• secondary

• tertiary

• quaternary

The reliance of one country on the resources, goods, or services of another country is called:

• Supply and demand

• Scarcity

• Globalization

• Interdependence

Which economic sector deals with knowledge and information?

• primary

• secondary

• tertiary

• quaternary

The interaction between the various countries of the world is called:

• Friendship

• Interdependence

• Globalization

• Business

The chain of production describes the movement of all the different goods and services a country produces and provides.

• True

• False