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Economics Review Ch. 2&3

Authored by Stefanie Schroeder

Social Studies

12th Grade

Used 10+ times

Economics Review Ch. 2&3
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is a major advantage of a market economy?

it can change direction rapidly as needed when markets change

there is efficient government control of production and distribution

people are likely to be offered goods and services they CANNOT afford

there is a high degree of individual freedom

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is the most striking example of the costs and risks of pure capitalism?

Great Leap Forward

Five-Year Plan

Gosplan

Great Depression

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what type of economy does only the government decide whether houses or apartments will be built?

market

traditional

command

mixed

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these statement is descriptive of a market economy?

government determines what is produced and by whom

major economic decisions are made by individuals, not for them

major economic decisions are made for individuals, NOT by them

most media is state-owned and operated

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these statements describes a disadvantage of a traditional economy?

difficult economic decisions are made by the state

new ways of doing things are encouraged

everyone knows his or her role

new ways of doing things are discouraged

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the characteristics of a capitalist free enterprise economy is

central planning

minimum wage

voluntary exchange

consumerism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who ultimately determines the success of a product?

the business producing the product

the government

the consumer

the store selling the product

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