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Economic Systems Quiz 14 (30 MCQs)

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1. For markets to work efficiently, ..... need to be well defined and enforced by law, otherwise trade would break down.
2. The relationship between an opposing person or business in a commercial setting that many times will result in a better product for consumers.
3. Limit on an import
4. What economic system is based on supply and demand?
5. In which type of government do consumers, firm, and government answer the key economic questions?
6. True or False:The basic questions of economics differ based on each economic system.
7. If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
8. In command economy, how are economic decisions made?
9. As a consumer, I can buy as much as I want, as long as I have the money to pay for it
10. The flow of money into an economy is called
11. Which rights are necessary for entrepreneurs to obtain credit and capital?
12. What is an economic system characterized by central authority that makes most of the major economic decisions?
13. People or businesses that create goods or services are known as
14. In a mixed economy, the role of the government is to
15. The struggle among producers for the dollars of consumers.
16. Send goods into a another country
17. Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
18. What is the best definition of a mixed economy?
19. Which situations cause equilibriumprice to rise? I The number of buyersdecreases. II The number of buyersincreases. III The number of sellersdecreases. IV The number of sellersincreases.
20. Which of the following continents has (for the most part) embraced socialism?
21. The items that consumers buy are called .....
22. All democratic countries of the world are
23. What is a laissez faire capitalist approach to govt
24. In which type of economic system do citizens and businesses make most economic decisions?
25. Which of the following is an example of a type of mixed economy?
26. The government or groups of workers might control these resources but the profits are divided among the people.
27. The closest thing to a planned/command economy today exists in:
28. Characteristics of both market and command economic systems.
29. Economic system based on supply and demand, instead of government regulation
30. This economic system provides a high degree of consumer satisfaction because individuals make most of the decisions.
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