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Economic Systems Quiz 1 (25 MCQs)

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1. The initiative to improve goods & services or create new ones is _____
2. Which of the following BEST describes a mixed economy?
3. Which basic economic question determines how a society will produce goods and services?
4. Many, but not all, businesses are owned & controlled by the governmentIndividuals can own businesses, but the government controls most social services
5. One of the reasons that a country needs an economic system is because it:
6. An arrangement that allows buyers and sellers to exchange things.
7. Something that encourages a person to take a certain action.
8. What word best describes the advantage of the command economy?
9. All of the following are weaknesses of a command economy EXCEPT that it
10. The sacrifice that is made when a person chooses between two goods or services.
11. The goods produced will be the same, generation after generation
12. Which trade barrier sets up a complete ban on trading between countries?
13. Business owners have complete control over what they want to produce, how they want to produce it, and who they want to sell it to in this economic system.
14. Laissez-faire refers to
15. When people want or need more of something than there is.
16. Bring goods into the country
17. Things that are needed to produce goods and services are called _____
18. Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.
19. What are the three economic questions that every country's economy must answer?
20. An essential characteristic of a communist economy is the-
21. Which is the major feature of an economy based on subsistence farming?
22. The government controls the factors of production in which type of economic system
23. Which of the following is a characteristic of a command economy?
24. Which of the following is NOT one of the 3 key economic questions:
25. Interdependence means
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