Econ UNIT 1 Exam

Econ UNIT 1 Exam

52 Qs

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Econ UNIT 1 Exam

Econ UNIT 1 Exam

Assessment

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Created by

Enola Semple

Used 4+ times

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52 questions

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1.

OPEN ENDED QUESTION

30 sec • Ungraded

Name

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2.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Class Period

1st
2nd
3rd

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Under which economic system would factors of production most likely be owned by a government?

market economy
traditional economy
command economy
mixed economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. In a command economy, how are the prices of goods and services determined?

market forces of supply and demand
the central government
independent agencies and independent regulators
business owners

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. Which statement best describes the difference between a market economy and a traditional economy?

in a market economy, decisions are based on custom
in a traditional economy, decisions are based solely on supply and demand
in a traditional economy, decisions are based on habit and custom
in a market economy, decisions are based on habit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Who is primarily responsible for making economic decisions in a market economy?

the central government
big business
market regulators
Individuals

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. The United States economy can best be described as which type of economy?

market economy
command economy
traditional economy
mixed economy

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