Which of the following economic systems is characterized by private ownership of businesses and resources, with prices determined by supply and demand?
Unit 3 Test Review

Quiz
•
History
•
9th Grade
•
Hard
Denise-Marie Copeland
Used 4+ times
FREE Resource
34 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Communism
Capitalism
Socialism
Answer explanation
The economic system characterized by private ownership of businesses and resources, with prices determined by supply and demand is Capitalism. In contrast, Communism involves collective ownership and Socialism involves both private and public ownership with government intervention in the economy.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, prices are primarily determined by:
Government authorities
Supply and demand
Central planning committees
Collective decision-making
Answer explanation
In a market economy, prices are not determined by government authorities, central planning committees, or collective decision-making. Instead, they are primarily determined by the forces of supply and demand. When demand for a product or service increases, the price tends to rise. Conversely, when supply of a product or service increases, the price tends to fall. This is why 'Supply and demand' is the correct answer.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by government ownership of resources and central planning?
Market economy
Command economy
Answer explanation
A command economy is characterized by government ownership of resources and central planning. In this economic system, the government makes all decisions about what to produce, how to produce it, and for whom. This is in contrast to a market economy, where these decisions are made by individual producers and consumers.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system emphasizes collective ownership of resources and aims for equality among individuals?
Market economy
Capitalism
Socialism
Answer explanation
The economic system that emphasizes collective ownership of resources and aims for equality among individuals is Socialism. Unlike Market economy and Capitalism, which prioritize individual ownership and profit, Socialism focuses on equal distribution of resources and wealth among the population.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The concept of scarcity in economics refers to:
An excess of resources and goods
A surplus of money in the economy
The limited availability of resources relative to unlimited wants and needs
The absence of government intervention in the economy
Answer explanation
Scarcity in economics refers to the limited availability of resources in comparison to unlimited wants and needs. This concept is fundamental to economics as it underpins the notion of choice and the need for decision-making in resource allocation. The other options do not accurately define the concept of scarcity in economics.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of economy is characterized by government control over all economic activities?
Market economy
Command economy
Mixed economy
Traditional economy
Answer explanation
A command economy is characterized by government control over all economic activities. In this type of economy, the government makes all decisions regarding the production and distribution of goods and services. This is in contrast to a market economy, where these decisions are made by individual producers and consumers, or a mixed economy, which combines elements of both. A traditional economy is based on customs and beliefs, not government control.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a mixed economy, which of the following is true?
The government has complete control over all economic activities.
Prices and production levels are solely determined by consumers.
Both the government and private individuals play a role in economic decision-making.
Resources are allocated based on supply and demand.
Answer explanation
In a mixed economy, both the government and private individuals play a role in economic decision-making. This is because a mixed economy is a blend of free market and command economy systems. Therefore, while the government may regulate certain industries, private individuals also have the freedom to make economic decisions.
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