Econ - Unit 1 & 2 Test

Which of the following is NOT one of the 3 basic questions economic systems must answer?

• What products or services will we make or offer?

• At what price will we sell the products or services?

• How will we make products or provide the services?

• From whom will we provide our products and services?

The three major types of economies are all of the following except?

• Socialism

• Traditional

• Command (Communism)

• Market (Capitalism)

The type of economy used in the United States is which of the following?

• Command (Communism)

• Traditional

• Market

• Mixed (Socialism and Capitalism)

In which of the following economic systems does the government own everything

• Communism (Command)

• Mixed

• Traditional

• Socialism

In which system do private individuals own the factors of production?

• Command

• Communism

• Market (Capitalism)

• Marxism

Which of the following statements is false?

• In capitalism and socialism, a constitutional framework allows for people to elect officials to public office

• In Communism, revolution for change is supported

• In a Command economy, the government controls the entire economy

• In capitalism, the ideas of Karl Marx are most closely followed

The "father" of Communism is?

• Vladimir Lenin

• Karl Marx

• Mao Tse-Tung

• Charles DeGaulle

The American economy is a mixed of what two economic systems?

• Traditional and Command

• Command and Mixed

• Market and Socialism

• Traditional and Market

The term "Lassiez-faire" means

• Let the people do as they chose

• Strict government controls

• Free trade among all countries

• Everyone in equal

Which of the following is NOT a characteristic of a capitalist economic system?

• Freedom of Choice

• Freedom of Enterprise

• Competition

• Freedom of Speech