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FREE ECONOMICS AND STUDY GAMES ABOUT ECONOMIC
SYSTEMS EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -27 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: This system is also described as capitalism.
Answer:
Market
Question 2: There is no economic freedom.
Answer:
Command
Question 3: Resources are owned and controlled by individuals.
Answer:
Market Question 4: Economic decisions are made by individuals competing to earn profits.
Answer:
Market
Question 5: Customs govern the economic decisions that are made.
Answer:
Traditional
Question 6: There is no competition.
Answer:
Command
Question 7: Economic freedom is considered very important.
Answer:
Market
Question 8: Government and individuals share the decision making process.
Answer:
Mixed
Question 9: Businesses are not run to create a profit.
Answer:
Command
Question 10: Consumers have few choices in the market place.
Answer:
Command
Question 11: The government sets the prices of goods and services.
Answer:
Command Question 12: The government or other central authority makes decisions and determines how resources will be used
Answer:
Command
Question 13: Shortages are common because of poorly run factories.
Answer:
Command Question 14: Government guides and regulates production of goods and services offered.
Answer:
Mixed Question 15: Economic activities are usually centered toward the family or ethnic unit.
Answer:
Traditional
Question 16: There are many economic freedoms.
Answer:
Market
Question 17: Profit is the motive for increasing work rather than quotas.
Answer:
Market
Question 18: This system protects consumers and workers from unfair policies.
Answer:
Mixed Question 19: This is considered the most effective economy for providing goods and services.
Answer:
Mixed
Question 20: Change can occur relatively easily.
Answer:
Command
Question 21: Technology is not used.
Answer:
Traditional
Question 22: Factories are concerned with quotas.
Answer:
Command
Question 23: There is competition among businesses.
Answer:
Market Question 24: Economic decisions are made by the basic principles of supply and demand.
Answer:
Market
Question 25: The government dictates the job in which you work.
Answer:
Command Question 26: Competition determines price which increase the quality of the product.
Answer:
Market Question 27: Farming, hunting and gathering are done the same way as the generation before.
Answer:
Traditional
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