Economics Ch. 2 Test (A)

In a market system, the government owns most of the property, resources, land, and capital?

• True

• False

A basic economic argument for the market system is that it promotes an efficient use of resources?

• True

• False

GDP per capita is the gross domestic product on a per-person basis?

• True

• False

What type of economic system does the US have?

• Mixed

• Traditional

• Market

• Black Market

Economics decisions are based on customs and centered around family in which economic system?

• Mixed

• Traditional

• Market

• Black Market

Individuals can own businesses and resources in this type of economy?

• Mixed

• Traditional

• Market

• Black Market

An independent polish labor union founded in 1980 by Lech Walesa

• Privatization

• Gosplan

• Population Density

• Solidarity

A Market in which good and services are sold illegally?

• Walmart

• Privatization

• Black Market

• Population Density

The number of people per square mile of land area

• Population Density

• Gosplan

• Mixed Economy

• Market Economy

Central planning authority in the former Soviet Union that devised and directed Five-Year Plans

• Black Market

• Traditional Economy

• Gosplan

• Hitler