WorksheetsEconomics: Chapter 2 Quiz
Total questions: 15
Worksheet time: 8mins
The purpose of government in a command economy is to:
Ensure the availability of consumer products
Make major economic decisions
Encourage entrepreneurs
Promote economic freedom
The best example of a market economy is:
The Inuit
The former Soviet Union
The United States
North Korea
Which group of people ultimately determines the products that a true free market economy produces?
Congress
Property Owners
Local Government
Consumers
All of the following are characteristics of a command economy EXCEPT:
It can change direction quickly
Decentralized decision making
It is not designed to meet the wants of consumers
It provides workers with few incentives to work hard.
A market economy:
Does not provide for everyone's basic needs
Limits the choices of goods and services available
Allows extensive government assistance
Offers a high degree of certainty for its workers.
Unemployment insurance, workers compensation and social security are all examples of this economic goal:
Economic Equity
Economic Freedom
Price Stability
Economic Security
Fair access for all
Economic Freedom
Economic Equity
Economic Security
Full Employment
Gives people the ability to make economic decisions for themselves
Economic Freedom
Economic Security
Full Employment
Economic Efficiency
When people work, they can provide for themselves and their family while also providing goods and services to society,
Economic Equity
Economic Efficiency
Full Employment
Economic Security
This picture illustrates what economic system?
Market
Command
Socialism
Traditional
Americans expect the American Dream - They hope to have a better job, newer car, own home etc. This defines what goal?
Economic Security
Economic Equity
Economic Growth
Economic Freedom
Because resources are scarce, the factors of production must be used wisely. If resources are wasted, fewer goods can be produced.
Economic Stability
Price Stability
Economic Equity
Economic Efficiency
A fair distribution of wealth is supported by this economic goal:
Price Stability
Economic Equity
Economic Efficiency
Economic Security
Where would the United States' economy be located in the diagram above?
W
X
Y
Z
We like to choose our own occupations, employers and how we use our money. This fits what goal?
Economic Growth
Economic Freedom
Economic Security
Economic Equity
