Economics Quiz

Products shipped from the United States to other countries around the world are called

• imports

• exports

• services

• needs

In which economic system is property collectively owned by the tribe or community?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

What is one disadvantage of a Command Economy?

• There is lack of freedom and opportunity

• Lower standard of living

• Does not produce enough public goods

• Workers and businesses face uncertainty as a result of competition and change.

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

In which type of economy do individual buyers and sellers interact in the marketplace to exchange goods and services?

• feudalism
• mercantilism
• market economy
• command economy

A limit placed on the number of imports that can enter a country.

• gross domestic product

• economics

• physical capital

• quota

• natural resources

The study of how and why people make, buy, and sell things.

• gross domestic product

• economics

• physical capital

• quota

• natural resources

The factories, machines, technologies, buildings, and properties used to produce other goods and services.

• gross domestic product

• economics

• physical capital

• quota

• natural resources