What is an Economy video questions - SMS

What is an economy?

• A system of government control over production and distribution

• The process of buying and selling goods online

• The activity between consumers and producers

• The process of selling lemonade

What is the cycle of economic activity called?

• The consumer cycle

• The production cycle

• The market cycle

• The business cycle

What happens when the economy contracts for at least six months straight?

• It experiences rapid growth

• It leads to increased consumer spending

• It becomes more stable

• It enters a recession

What type of economy is based on supply and demand, with producers and consumers making decisions?

• Command-based economy

• Mixed economy

• Market-based economy

• Socialist economy

What is one way to help the local economy thrive?

• Be an entrepreneur

• Contribute to unemployment

• Avoid being productive

• Ignore economic activity

Which country is an example of a mixed economy with influence from the government?

• Russia

• United States

• Vietnam

• China

What is the main factor that makes an economy great?

• Natural resources

• Citizens' education and work

• Government control

• International trade

What is the interconnected web between producers, consumers, and the economy called?

• Market influence

• Economic entanglement

• Economic web

• Globalization

What is the largest economy in the world for at least the last 60 years?

• United States

• India

• China

• Russia

What type of economy encourages private enterprise and business ownership?

• Mixed economy

• Socialist economy

• Market-based economy

• Command-based economy