Market Economy Review

Market Economy Review

9th - 12th Grade

19 Qs

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Market Economy Review

Market Economy Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Michael Laubacher

Used 143+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, the basic economic decisions are driven by?

Governments

individuals

business owners

banks

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following charicteristics does NOT describe the features of a command economy?

Scarcity and rationing of goods often occur

the market is inefficient

Individuals can decide what to produce and how much to produce

there are fewer choices than in a market economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which group of people ultimately determines the products that a command economy produces?

consumers

property owners

Government Officials

Companies

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalism is associated with all of the following characteristics EXCEPT __________

personal decisionmaking with regard to investments

the right to earn a profit based on individual effort

personal ownership of property

government intervention in the economy's decision making process

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cuba is clearly pursuing a gradual shift from a command to a market economy. Which of the following is NOT a possible benefit that could result from these economic reforms?

Workers who work harder could get paid more than usual

There could be more production than before the reform

Cuba could have higher GDP growth

Workers could have a guaranteed income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you determine that an economic transaction is voluntary?

Because I read the news

Because I make rational decisions?

Because I act of my own free will

Because I have complete access to information

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

In a market economy, prices of goods and services are kept fixed

True

False

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