1 Economics Overview

A mixed economy combines the best parts of which other economies? ^{This question has two correct answers.}

• Market and Command

• Traditional and Market

• Command and Traditional

• Socialism and Capitalism

The characteristic of a mixed economy that states that the vast majority of labor, resources, and capital goods are owned by individuals rather than by the government is...

The characteristic of a mixed economy that states that business owners, consumers and workers are free to make choices that best fit their needs and interests is called

• Private Property

• Freedom of enterprise and choice

• Motive of Self-Interest

• Competition

This characteristic states that the Invisible Hand is the driving force of a Mixed Economy.

• Private Property

• Freedom of enterprise and choice

• Motive of Self-Interest

• Competition

This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.

• Competition

• Freedom of Enterprise and Choice

• Private Property

• Motive of Self-Interest

"A market exists wherever and whenever buyers and sellers can come together." Which characteristic does this describe?

• Private Property

• Competition

• A System of Markets and Prices

• Limited Government

When the government regulates business ensuring fair, safe and ethical practices it is an example of which characteristic of a Mixed Economy?

• A System of Markets and Prices

• Competition

• Motive of Self-Interest

• Limited Government

The inspector from the health department visited your restaurant to ensure that your practices and the food you serve is safe.

Which characteristic of a Mixed Economy does this describe?

• Limited Government

• Competition

• Motive of Self-Interest

• Private Property

Sally and her sister set up a lemonade stand in their front yard creating a place where their neighbors could purchase some summer refreshment.

Which characteristic of a Mixed Economy does this describe.

• Motive of Self-Interest

• A system of Markets and Prices

• Freedom of Enterprise and Choice

• Limited Government.

Archibald always purchased his groceries at Walmart but then Aldi opened a new store just down the road. A natural rivalry has been created and Archibald now has a choice as to where he buys groceries.

Which characteristic of a Mixed economy does this describe?

• Private Property

• Motive of Self-Interest

• A system of markets and prices

• Competition