Basic Economics

In which type of economy does the government own property and control resources?

• Command

• Traditional

• Free Market

• Stock Market

Which type of economy occurs in developing countries and often relies on the barter system?

• Command

• Free Market

• Traditional

• Sub-Market

As the supply of something decreases what will happen to the value?

• Stay the Same

• Increase

• Decrease

• No one knows

Which country is not an example of a command economy?

• U.S.

• Iran

• North Korea

• Cuba

Which economy allows supply and demand to set pricing?

• Traditional

• Command

• Free Market

• Liberal

Which country is not an example of a free market enconomy?

• U.S.

• United Kingdom

• Australia

• Iran

Which motivates businesses and individuals in a free market economy?

• Gold

• Profit

• Debt

• Laws

Which is not a characteristic of a free market economy?

• Private Property

• Limited Government

• Barter System

• Competition

Which country with a free market economy has the most government oversight?

• U.S.

• U.K.

• Canada

• Australia

What does not having enough of a resource to meet consumer demand create?

• Back-Orders

• Scarcity

• Panic

• Shortages