Economics Chapter 2 Economic Systems

A business taking a survey to find out a consumer's wants is an illustration of

• consumer sovereignty

• laissez faire

• a command economy

• the government's role

A grocery store shows the influence of competition when

• no brands of peanut butter are on the store shelf

• one brand of peanut butter is on the store shelf

• two brands of peanut butter with the same price are on the store shelf.

• two brands of peanut butter withe different prices are on the store shelf.

An individual buying a DVD is participating in the

• circular flow market

• factor market

• product market

• economic resources market

An individual hiring a waitress is participating in the

• circular flow market

• factor market

• product market

• consumer market

A society that has both public schools and ownership of private property has elements of both

• traditional and socialist economic systems

• traditional and market systems

• command and traditional systems

• command and market systems

A society in which some people practice subsistence farming while others own businesses has elements of both

• traditional and socialist systems

• traditional and market systems

• command and socialist economic systems

• command and market systems

The influence of the global economy is shown when a shortage of

• Florida oranges causes orange juice prices in the United States to rise

• Florida oranges has no effect on orange prices in the United States

• coffee in Kenya causes coffee prices the rise in the United States

• coffee in Kenya has no effect on coffee prices in the United States

In a communist economy, resources are owned by

• business

• government

• individuals or the government

• individuals or businesses

With capitalism the allocation of goods and resources is determined by

• market forces

• centralized planning

• government policy

• traditional customs

In a communist economy workers are

• sometimes employed by the government or government--controlled groups

• always employed by the government or government--controlled groups

• sometimes employed by government or private firms

• always employed by the government or private firms