Characteristics of US Economy

What type of economy does the US have?

• Command economy

• Mixed economy

• Traditional economy

• Market economy

Which of the following is a feature of the US economy?

• Consumer Sovereignty

• Government-only control

• Profit is not a motive

• Businesses have no control

Which of the following is NOT one of the five characteristics of the US economy?

• Free Market with Government Control

• Private Property

• Consumer Sovereignty

• Monopoly

What is one characteristic of the US economy that allows individuals to own resources and businesses?

• Profit

• Competition

• Private Property

• Government Control

What term describes the power of consumers to decide what gets produced in the US economy?

• Consumer Demand

• Consumer Sovereignty

• Market Demand

• Production Choice

What are markets allowed to do in a free market with government control?

• Operate only with government permission

• Operate without undue/unnecessary interference from the government

• Not allowed to operate at all

• Operate with constant government supervision

When does the government not intervene in a free market with government control?

• When the products are unsafe

• When the products are expensive

• When the products are safe

• When the products are popular

Who is considered the ruler or "king" of the economy according to the concept of Consumer Sovereignty?

• The government

• The consumer

• The businesses

• The workers

Why do businesses make products?

• To follow government regulations

• To use up raw materials

• Based on what people want to buy

• To create advertisements

Who has the right to own things that make them happy according to the concept of Private Property?

• Only the government

• Only children

• Individuals and businesses

• Only teachers