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Economic Systems Quiz 25 (30 MCQs)

Quiz Instructions

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1. Which one is not a disadvantage of traditional economy.
2. The words "producer goods" describe .....
3. Individuals can own businesses and resources in this type of economy
4. Mary Ann runs a car dealership selling only government produced cars and must give all of the money she has earned back to the government at the end of the month. What type of economy doe she work in?
5. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
6. What term describes the tools and technology used to make a product?
7. Economy where the government own some of the factors of production
8. Public goods are paid for by the public. Ultimately, that means who pays for them?
9. This system only can exist in small, more isolated societies today.
10. Resources found in nature like air, soil, sunshine, water, coal, plants, and animals.
11. What was salt used for?
12. What is the economy when you go hunt just like your father
13. A ..... economy is an economic system in which economic decisions are left up to individual producers and consumers.
14. Economic system that has some combination of command and market economies
15. Among the reasons socialism never developed into a political movement in the United States was that trade unions .....
16. An economic system in which the government owns most basic industries such as transportation, communications, banking. Nonbasic industries are privately owned.
17. Ms. Hargrove owns a shoe store in Concord, NC. Her profits from the store are divided up and shared with the people of Concord.
18. People that make a product
19. Which of the following is not a type of economic system?
20. Who or what answers the basic economic questions in a traditional economy?
21. Government tells workers where they will work
22. Which is NOT a characteristic of a Market Economy?
23. The United States has a mixed economy that combines which two economic philosophies?
24. This economic system is based on supply and demand:
25. The Economist, Freidrich von Hayek, thought
26. An example of a public good provided by the government would be:
27. Which type of economic activity uses raw materials to produce something new?
28. The money received by resource owners and by producers for supplying goods and services to customers
29. An economic system characterized by private or corporate ownership of capital goods.
30. Under a command system, who owns the factors of production?
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