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Which economic system relies heavily on tradition, customs, and beliefs to guide economic decisions?

• Market

• Command

• Traditional

• Mixed

In a command economy, economic decisions are primarily made by:

• Individuals

• Businesses

• The government

• Consumers

Which of the following is NOT a characteristic of a market economy?

• Private ownership of resources

• Profit motive

• Central planning

• Competition

The United States economy is best described as a:

• Pure market economy

• Mixed economy

• Command economy

1. A monopoly is a market structure characterized by:

• 1. A single seller

• • Many sellers

• • A few large sellers

• 1. Perfect competition

A partnership is a business owned by:

The law of demand states that:

A shift in the demand curve to the right indicates:

Equilibrium price is the price at which:

If the price of a good increases, we would expect: