Which of the following is a summary of the basic economic questions?

• When, where, and by whom should goods be produced

• What goods and services should be produced, how, and for whom?

• Who will buy which goods, and how much will they pay

• How, when, and from who do consumers get what they want

In which list is the free market most dominant?

• France, Canada, South Africa, UK

• Russia, Peru, France, Canada

• US, UK, Singapore, Hong Kong

• Cuba, Greece, China, US

What is one of the most important advantages of a free market?

• It encourages growth

• It distributes goods equally

• It protects the less fortunate

• It is easy to regulate

What is a synonym for a centrally planned economy?

• Specialized economy

• Unitary economy

• Communist economy

• Command economy

Which of the following is a characteristic of a traditional society?

• It discourages new ideas and new ways of doing things

• public services are available at little or no cost

• It has a great deal of economic freedom

• it provides workers with few incentives to work hard

. Which is an example of a safety net (method to protect consumers)?

• Unemployment benefits

• Taxes

• School loans

• Public transportation

. Who plays the most important roles in the free enterprise system by starting new businesses?

• consumers

• government

• entrepreneurs

• workers

Who answers the 3 basic questions in a mixed economy?

• people

• government

• people and the government

• the tribal chief

Which economic system(s) do NOT reward innovation?

• Traditional economy

• centrally planned and traditional economy

• mixed economy

• centrally planned economy

What is intellectual property?

• Hands-off style government approach to the economy

• Creation of the mind that has commercial value

• Rights of those who own land and buildings

• Legally binding agreement between a buyer and seller