Types of Governments & Economies

Which of the following is a type of government where a single person holds absolute power?

• Monarchy

• Dictatorship

• Oligarchy

• Theocracy

Match the following types of government with their definitions:

• Rule by religious leaders

• Theocracy

• Rule by a few

• Oligarchy

• Rule by a king or queen

• Monarchy

In a (a)   , the government is controlled by religious leaders.

• Monarchy

• Dictatorship

• Theocracy

• Oligarchy

A government where power is held by a small group of people is called an (a)   . Options: A) Oligarchy B) Monarchy C) Theocracy D) Dictatorship.

• Oligarchy
• Monarchy

• Theocracy

• Dictatorship

Economics is the study of

(a)   and ​

• people
• choices
• money
• stock market
• government types

Unlimited wants fulfilled by limited resources

• Economics

• Supply & Demand

• Scarcity

• Command

Which of the following is NOT a characteristic of a Traditional Economy?

• A lot of personal choice

• Relies heavily on nature

• Bartering of goods

• No currency

The number one measure of a country’s economy is: (a)  

• GDP

• Unemployment Rate

• Inflation Rate

• Trade Balance

Within the principle of Supply & Demand, the higher the price, producers will want to produce more, while consumers are less likely to buy the product.

• True

• False

Fill in the blank: In a Mixed economy, the government controls (a)   parts of industries/services.​

• some but not all
• all 
• none