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Economic Systems Quiz 28 (25 MCQs)

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1. A _____ economy is an economic system in which economic decisions are left up to individual producers and consumers.
2. Economic system that has some combination of command and market economies
3. Among the reasons socialism never developed into a political movement in the United States was that trade unions _____
4. An economic system in which the government owns most basic industries such as transportation, communications, banking. Nonbasic industries are privately owned.
5. Ms. Hargrove owns a shoe store in Concord, NC. Her profits from the store are divided up and shared with the people of Concord.
6. People that make a product
7. Which of the following is not a type of economic system?
8. Who or what answers the basic economic questions in a traditional economy?
9. Government tells workers where they will work
10. Which is NOT a characteristic of a Market Economy?
11. The United States has a mixed economy that combines which two economic philosophies?
12. This economic system is based on supply and demand:
13. The Economist, Freidrich von Hayek, thought
14. An example of a public good provided by the government would be:
15. Which type of economic activity uses raw materials to produce something new?
16. The money received by resource owners and by producers for supplying goods and services to customers
17. An economic system characterized by private or corporate ownership of capital goods.
18. Under a command system, who owns the factors of production?
19. Name a stable, predictable and continuous economic system.
20. A _____ economy is a market-based system in which the government is involved to some extent.
21. The United States is an example of what economic systems?
22. Do not sure technology
23. Prices and supply and demand lead to production decisions.
24. Individuals and businesses own the means of production and distribution with limited government regulation in a _____ economy.
25. What is necessary to ensure increased standards of living?
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