Econ Unit 2 Review

What do all economies have in common?

• Distribute resources the same way.

• Distribute profits the same way.

• All determine how to distribute resources

• All ensure equality.

Determines allocation and production through personal connections.

• traditional economy

• command economy

• free market economy

• communist economy

Government determines allocation and production.

• traditional economy

• command economy

• free market economy

• communist economy

Buyers and sellers determine allocation and production.

• traditional economy

• command economy

• free market economy

• communist economy

Which statement is true about communism?

• Widespread private ownership.

• There has never been a fully communist country.

• American is a communist country.

• Allocation is based on personal relationship.

What type of economy is the United States?

• free market economy

• command economy

• traditional economy

• mixed economy

Which of the following BEST describes GDP?

• Total goods and services sold in a country.

• Measure of inflation

• Includes only those looking for work.

• Is seen as a lagging economic indicator.

• Taxes placed in imported goods.

Which of the following BEST describes consumer price index?

• Total goods and services sold in a country.

• Measure of inflation

• Includes only those looking for work.

• Is seen as a lagging economic indicator.

• Taxes placed in imported goods.

Which of the following BEST describes new sales and construction?

• Total goods and services sold in a country.

• Measure of inflation

• Includes only those looking for work.

• Is seen as a lagging economic indicator.

• Taxes placed in imported goods.

Which of the following BEST describes unemployment?

• Total goods and services sold in a country.

• Includes everyone without a job

• Includes only those looking for work.

• Is seen as a lagging economic indicator.

• Taxes placed in imported goods.