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Economics Unit 2

Authored by Summer Jones

Social Studies, Other

11th - 12th Grade

Used 16+ times

Economics Unit 2
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18 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In this type of economic system, the government controls all aspects of the economy and makes all decisions about what goods will be produced, who will produce them, and how they will be produced.

Command

Market

Mixed

Traditional

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In capitalist economies, prices are

usually unfair

set by the central government

used to ensure social equality

determined by supply and demand.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Buyers and sellers decide to complete a transaction and agree that they are better off, this is called:

Barter

Voluntary Exchange

Profit

Free Enterprise

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which fundamental type of economy best describes the United States?

Market Economy

Republican Economy

Traditional Economy

Command Economy

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is not a major characteristic of a free enterprise economy?

Private Property Rights

Competition

Profit Motive

Government Regulation

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In a free enterprise system, what motivates individuals to start a business?

the risk of failure

the need for job security

the desire to earn a profit

the desire to make economic decisions

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The idea that buyers have all of the power in a market is known as:

Purchasing Power

Standard of Living

Consumer Sovereignty

Fixed Income

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