US Economy Quiz

Individuals ability to own property and have some choice is

• an advantage of the US Economy

• a disadvantage of the US Economy

• not a problem in the US Economy

The growing divide between the poor and the wealthy is

• a disadvantage of the US Economy

• an advantage of the US Economy

• not a problem with the US Economy

The United States has the largest economy in the world.

• True

• False

This group mostly determines what goods and services will be produced

• Consumers

• Producers

• Government

• Workers

The rivalry between producers/sellers of a product that often results in cheaper, better items is called

• Competition

• Monopoly

• Oligopoly

• Cartel

When markets operate without undue government involvement, we call it

• Free enterprise

• Socialism

• Communism

• Fascism

Buyers and sellers exchange goods in

• a marketplace

• Congress

• inequal transactions

In the US, most decisions about goods and services are made by consumers and businesses

• True

• False

Typical government involvement in the US economy is best described as

• Limited

• Extensive

• None

• Complete

The US economy is this type of economy.

• Command

• Traditional

• Market

• Mixed