Who's the Boss LAP Quiz

1. The way in which a country makes economic decisions is called its economic

• 1. system.

• 1. resources.

• 1. vote.

• 1. market.

1. Businesses produce goods and services to sell to others by using such items as capital goods, land, and willing workers. These items used in production are examples of economic

• 1. markets.

• 1. resources.

• 1. credit.

• 1. capital.

1. Which of the following is a statement that is true for all economic systems:

• 1. Business is competitive.

• 1. Consumers control prices.

• 1. People are interdependent.

• 1. Government regulates wages.

1. Which of the following identifies a basic characteristic of command economic systems:

• 1. The government works with individuals to operate production and distribution processes

• 1. Consumers determine what will be produced and how it will be distributed.

• 1. The government owns and operates the majority of the means of production and distribution.

• 1. Individuals and businesses own and operate the means of production and distribution.

1. An entrepreneur wants to open a manufacturing plant, but in their country, they cannot own a business. In what type of economic system does this person live?

• 1. Traditional

• 1. Private enterprise

• 1. Socialist command

• 1. Communist command

1. Determine which of the following is a true statement about socialist command economies:

• 1. Individuals are not permitted to operate private businesses.

• 1. The government tells people where to work.

• 1. Wages are based on the availability of workers.

• 1. Products are produced based on the government’s master plan.

1. The economic system that allows people to own their own businesses and distribute the products they produce is a __________ economy.

• 1. socialist

• 1. communist

• 1. market

• 1. totalitarian

1. What type of economic system is found only in undeveloped countries?

• 1. Socialist

• 1. Traditional

• 1. Market

• 1. Communist

1. Which of the following is an economic question that must be answered by all economic systems:

• 1. How will products be allocated?

• 1. How can competition be increased?

• 1. How can government control be limited?

• 1. How can the profit motive be encouraged?

hich of the following countries is correctly paired with its economic system:

• Cuba – Communist command

• China – Traditional

• England – Market

• Japan – Socialist