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WorksheetsEcon Unit 2 Quiz Review
Total questions: 20
Worksheet time: 10mins
The way in which a nation decides to use their resources to satisfy the needs of the people is called _________.
scarcity
an economic system
socialism
wants and needs
All of the following are the essential questions each nation must answer when developing an economic system EXCEPT
What should be produced?
How should goods and services be produced?
Who should share in the goods and services produced?
When should goods and services be produced?
Identify a country who subscribes to the following economic system: Market
North Korea
United States
Inuit of North America
No country or entity subscribes to this economic system.
Identify a country who subscribes to the following economic system: command
North Korea
United States
Inuit of North America
No country or entity subscribes to this economic system.
Identify a country who subscribes to the following economic system: Mixed
North Korea
United States
Inuit of North America
No country or entity subscribes to this economic system.
Identify a country who subscribes to the following economic system: Traditional
North Korea
United States
Inuit of North America
No country or entity subscribes to this economic system.
Which of the following statements proves that the United States does not have a pure market economy?
State governments provide public education
Americans can choose their own career path
Businesses can set the prices they want for their products.
People can buy and sell what they want.
Which of the following shows that individuals are essential for businesses?
Businesses give their money to individuals in the form of wages. b
individuals sell or rent resources to the businesses
Businesses produce goods and services
Which of the following shows that businesses are essential for individuals?
Consumers spend their money at businesses
individuals sell or rent resources to the businesses
Businesses produce goods and services that individuals need and want.
How does a government guarantee your right to own a business and at the same time protect consumers?
through federal, state, and local laws
with the Constitution
By using the court system to prosecute businesses and consumers who break the laws
all of the options are ways in which the government can do that
What is the fuel for the engine of the mixed market economy?
the government
education
competition
businesses
Identify the type of economic system:
Economic decisions are based on customs and beliefs that have been handed down from generation to generation.
mixed
market
command
traditional
Identify the type of economic system:
Government controls the factors of production and makes all decisions about their use.
mixed
market
command
traditional
Identify the type of economic system:
Individuals own the factors of production.
mixed
market
command
traditional
Identify the type of economic system:
System that combines characteristics of more than one type of economy. Often the government controls some things in the economy and individuals control other things.
mixed
market
command
traditional
Identify the goal of the American economy:
Allow each member of society to make his / her own economic choices.
Economic Security
Economic Freedom
Economic Equity
Economic Growth
Economic Stability
Identify the goal of the American economy:
attempting to balance an economic policy so that everyone benefits fairly.
Economic Security
Economic Freedom
Economic Equity
Economic Growth
Economic Stability
Identify the goal of the American economy:
To protect against risks beyond our control.
Economic Security
Economic Freedom
Economic Equity
Economic Growth
Economic Stability
Identify the goal of the American economy:
to eliminate extreme ups and downs in the standard of living.
Economic Security
Economic Freedom
Economic Equity
Economic Growth
Economic Stability
Identify the goal of the American economy:
expansion of the economy to produce more goods, jobs, and wealth.
Economic Security
Economic Freedom
Economic Equity
Economic Growth
Economic Stability
