DG Mid Economic Quiz ECON 1

If my government is selling me butter for $10 a box, and I have no choice but to buy it, I live in a _____ economy.

• Traditional

• Market

• Command

• Mixed

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

To measure the average price level of items that consumers actually buy, the Bureau of Labor and Statistics use the

• Gross Domestic Product

• Unemployment Rate

• Consumer Price Index

• National Production Rate

Total dollar value of all final goods and services produced within a country in a given year.

• depreciation

• durable goods

• GDP

• price level

economic system in which private individuals own the factors of production that is similar to free enterprise

• Capitalism

• Socialism

• Communism

• Command

Which is NOT one of the factors of production?

• Cash

• Land

• Entrepreneurship

• Capital

Resources that are made by people to make other things.

• Renewable Resources
• Capital Resources
• Human Resources
• Natural Resources