Module 28 Quiz

Which of the following best describes a market economy?

• The government makes all economic decisions.

• Economic decisions are based on the interactions of citizens and businesses.

• Resources are allocated according to tradition and historical precedent.

• Prices are determined by central planners.

Tags

DOK Level 2: Skill/Concept

In a command economy, how are the prices of goods and services primarily determined?

• By consumer preferences and demand.

• Through competition among businesses.

• By government directives.

• Based on historical prices.

Tags

DOK Level 2: Skill/Concept

What is a key feature of a mixed economy?

• Complete government control over production.

• No government intervention in the economy.

• A combination of private and public ownership of resources.

• All resources are owned and distributed by families based on tradition.

Tags

DOK Level 2: Skill/Concept

How does a command economy differ from a market economy in terms of resource allocation?

• In a command economy, resource allocation is determined by market forces.

• In a market economy, resource allocation is determined by a central authority.

• In a command economy, resource allocation is determined by a central authority.

• There is no significant difference in resource allocation between the two systems.

Tags

DOK Level 2: Skill/Concept

Consider a country where the government imposes regulations to protect the environment while allowing market forces to determine most economic outcomes. This country is an example of which type of economic system?

• Pure market economy

• Pure command economy

• Traditional economy

• Mixed economy

Tags

DOK Level 2: Skill/Concept

What impact might a market economy have on product innovation compared to a command economy?

• Less innovation due to lack of competition.

• More innovation due to competitive pressures.

• No impact, as innovation is not related to economic systems.

• Less innovation as the government controls all production.

Tags

DOK Level 3: Strategic Thinking

What does this image say about the control of political bosses?

• political bosses wanted to squish the opportunities in New York

• political bosses control all of New York City

• Political bosses were showing their approval with a "thumbs up" image

• New Jersey did not have political bosses

What does this image say about the control of Stand Oil?

• Standard Oil is a monster trying to control the entire USA

• Standard Oil is trying to save government from political bosses

• Standard Oil is trying to keep government on the right track to benefit laborers

• Stand Oil had control over many aspects of government

complete control of a product or service; the elimination of fair competition

• Robber Barons
• Bessemer Process
• Monopoly
• Philanthropy

designed to prevent companies from engaging in unfair practices that eliminated fair competition

• Gospel of Wealth
• Corporation
• Interstate Commerce Act
• Sherman Antitrust Act