Economy and Types

Economy and Types

University

10 Qs

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Economy and Types

Economy and Types

Assessment

Quiz

Business

University

Practice Problem

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Created by

C S Alladi

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are economic agents?

Resources used in production

Entities that make economic decisions

Final goods and services in the market

Financial instruments traded on stock exchanges

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a market economy?

Centralized decision-making by the government

Limited individual freedom

Prices determined by supply and demand

Equality in resource distribution

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy involves a combination of market and command elements?

Market Economy

Command Economy

Mixed Economy

Traditional Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does GDP stand for?

General Demand Pricing

Gross Domestic Product

Government Decision Process

Goods and Distribution Process

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role do prices play in a market economy?

They have no significance

Prices are set by the government

They act as signals for resource allocation

Prices only influence luxury goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economy?

A system for trading stocks

The study of ancient civilizations

An organized system for producing, distributing, and consuming goods and services

A type of political system

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factor markets involve the exchange of:

Final goods and services

Labor, capital, land, and entrepreneurship

Financial instruments

Stocks and bonds

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