Econ Unit 1B Quiz

Which of the following is NOT a primary goal of a Free Market

Economy?

• Economic Growth

• Economic Equity

• Economic Security

• Economic Efficiency

Which of the following would be an example of a mixed

market economy?

• Great Britain

• Russia

• China

• Cuba

An economic system where the factors of production

are entirely owned as private property would be?

• Command Economy

• Mixed Economy

• Market Economy

• Traditional

The majority of economies in the world today are

examples of _________.

• Mixed Market

• Mixed Socialist

• Command Economies

• Traditional Economies

Which of the following terms best relates to why free

market economies are able to best meet the demand of

consumers when compared to other economic systems?

• Profit Motive

• Government ownership of resources

• Voluntary Exchange

• Government Regulation of Consumer Goods

The role of the ________________ is to be both the catalyst

and sparkplug of a free enterprise economy. They take

risk and enjoy the financial rewards of such a system.

• Consumer

• Government

• Entrepreneur

• Protariate

The role of the ______ in a free enterprise economy is to

ultimately determine "What" will be produced.

• Consumer

• Entrepreneur

• Government

• Proletariat

Economic planning like "Five Year Plans" would be best

associated with which type of economic system?

• Market

• Traditional

• Command

• Mixed

Adam Smith's concept of the invisible hand refers to

• Government responding to the needs to the market

• The market naturally responding to the demands of consumers to determine what will be produced

• Entrepreneurs get to determine what consumers will buy

• All of the above

The concept of "laissez-faire" is best associated with

which economic system?

• Free Market

• Command

• Socialism

• Traditional