
Economics Study Guide Review-Assessment #2
Quiz
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Hard
Charles Slaughter
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In which system would a government seize a factory and convert it to public ownership for the benefit of all?
market economy
mixed economy
command economy
traditional economy
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the four factors of production required for industrialization?
specialization, trade, markets, consumerism
interest, profit, demand, disposable income
capital, entrepreneurs, labor, natural resources (land)
goods, services, wages, technology
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Use the information to answer the question.
A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study.
Which economic term describes going to the movies in this scenario?
comparative advantage
equilibrium price
opportunity cost
income effect
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When an automobile manufacturer builds 200,000 units of its top selling model, the company is responding mainly to which question?
How to produce?
For whom to produce?
When to produce?
What to produce?
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement BEST describes a defining characteristic of traditional economies?
Production is based on cultural customs.
Businesses work with governments to set production goals.
Production is mandated by the state.
Consumer demand determines production levels.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
No government has the assets to supply everything its citizens might want or need. What does this basic economic fact force governments to do?
conserve resources to enable the manufacture of more goods
make choices among goods and services currently on the market
increase federal taxes so that more goods are affordable in the future
save money by cutting current spending on goods and services
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following economic activities are people free to do under the free enterprise system?
engage in predatory competition
own a state-operated business
not pay taxes
start their own business
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