Economic Basics

Select all of the following which are considered to be a disadvantage of a traditional economic system

• Economic roles and status of men and women are differentiated

• Higher poverty rates

• Technology is stifled

An __________ is the way a society produces and distributes goods and services.

• Capitalism

• Economics

• Laissez-faire

• Economic system

Which of the following describes the number of goods producers are able and willing to sell at various prices during a specific period?

• Cost

• Supply

• Demand

• Price

A private enterprise system permits which of the following to make economic decisions?

• Individuals

• Government

• States

• Competitors

Which of the following is NOT one of the three main types of economic systems?

• Mixed

• Centrally planned

• Diverse

• Market

Which of the following is true about the supply curve?

• As the cost rises, so does the demand

• As the price rises, so does the supply quantity

• As the price rises, so does the demand

• As the supply quantity rises, so does the price

The centrally planned economic system thrives on competition between businesses.

• True

• False

Which of the following types of economic systems includes features of a market economy and a centrally planned economy?

• Mixed

• Traditional

• Command

• Varied

Which of the following is described as the theories, principles and models which deal with the production, distribution and consumption of goods and services?

• Supply

• Economics

• Demand

• Price

Which of the following is NOT one of the basic economic questions to ask when distinguishing between types of economic systems?

• To what degree is competition allowed

• What is the degree of governmental control

• Are people allowed to own their own business

• What freedoms are people allowed