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Economic Systems Review 2

Authored by Adam Thornton

Social Studies

10th Grade

Used 2+ times

Economic Systems Review 2
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46 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A free market economy is characteristic of all of the following EXCEPT

economic freedom where businesses can produce whatever they wish, people can purchase whatever they wish
a great variety of goods and services due to competition for the consumer.
stable prices due to competition between customers.
a limited amount of goods and services because the government controls the economy.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In reality, most modern market-style economic systems today are "mixed economies"

because the Government completely controls the economy.
because the Government has adopted the principles put forth in the communist manifesto.
because in each market-style economy there is some level of government regulation.
because the Government has no interference with the economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A local student received her first paycheck from her job as a human sign for Domino's Pizza. She used the money she earned to buy online music from the following artists: Lady Gaga, 22 Savage, Katy Perry and Justin Beiber. By purchasing these products she was casting her "dollar-vote" towards the producer of these goods. The power of her purchase as a consumer in the market is known as

supply and demand, which indicates what should be produced for the people in the United States by the government.
opportunity cost, which indicates the choice he made in light of unlimited resources.
consumer sovereignty, which is the ultimate force behind the production of goods and services in the United States.
regulation, which shows how many diverse cd's that he actually prefers.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are true of a Command Economy EXCEPT

total government control of the economy.
Cuba and North Korea are command economies.
individuals have an abundance of freedom over their economic future regarding employment and spending.
profit is illegal and there is little to no private ownership of property.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy

wealth is distributed based on the principles of economic equity and only the rich and the poor exist.
the three economic questions are answered by the central planners of the government.
households and firms make the decisions on the three economic systems.
tradition determines the three economic questions.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In command style economies, which of the following exists?

profit motive.
competition in the economy amongst various businesses.
consumer sovereignty.
government control over the economy.
private ownership.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a key economic question?

What goods and services should be produced?
How should these goods and services be produced?
Who should these goods and services be produced for?
How should it be ensured that goods and services are paid for?

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