Unit 2 Review Economics

In what kind of economy does the government own all of the factors of production?

• Communist

• Market

• Socialist

• Traditional

_______________ protects consumers against harm from products on the market

• Franchises

• Profit motives

• Private property rights

• Government regulations

A state government builds a highway. This is an example of the government fulfilling its role as what?

• Protector

• Provider

• Regulator

• Consumer

One of the characteristics of a capitalist economy is

• Variety of goods and services

• Economic freedom

• Wealth creation

• All of these

What is one of the benefits related to economic equity?

• Conserving resources

• Living on a fixed income

• Receiving equal pay for equal work

• Unemployment compensation programs

What gives people and businesses the opportunity to make their own decisions?

• Profit motive

• Economic freedom

• Command economies

• Free enterprise

Which of the following is currently considered one of the seven major economic and social goals in the United States?

• Conservation

• Preserving endangered species

• Clean environment

• Economic (Price) stability

Which type of economy is most prevalent in the world today?

• Mixed

• Market

• Command

• Traditional

The economic system of the United States is considered a

• Free enterprise

• Command

• Socialist

• Traditional

Which of these statements is descriptive of a market economy?

• Most media is state-owned and operated

• The government determines what is produced and by whom

• Major economic decisions are made for individuals, not by them

• Major economic decisions are made by individuals, not for them