3rd 9 Weeks Test 12th

A capitalist country has which economic system?

• free-market

• command

• planned

• traditional

Which is an economic system run by the government?

• a mixed economy

• a planned economy

• a free-market economy

• Inflated economy

Which of the following is NOT a Factor of Production?

• wants

• capital

• labor

• land

What is the fundamental problem of economics?

• labor

• capital

• utility

• scarcity

The Physical objects that someone produces

• Need

• Want

• Goods

• Services

• Scarcity

The actions or activities that one person performs from another

• Need

• Want

• Goods

• Services

• Scarcity

The study of how people seek to satisfy their needs and wants by making choices

• Scarcity

• Economics

• Shortage

• Entrepreneur

• Factors of Production

What type of economy does the United States have?

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Lack of consumer choice

• Free Market

• Mixed

• Command

• Traditional

 Consumer sovereignty 

• Free Market

• Mixed

• Command

• Traditional