1) An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth. a) Free market b) Traditional c) Mixed d) Command 2) Business, individuals, and government make economic decisions in which economic system? a) Command b) Free market c) Traditional d) Mixed 3) Who makes decisions for the private sector in a mixed economy? a) individuals and business b) individuals and government c) government and business d) state and local government 4) All of the following are characteristics of a command economy EXCEPT — a) government ownership of resources b) competition c) no consumer choice d) centrally planned 5) In the United States, markets are allowed to operate without undue interference from the government. This is called — a) free market b) consumer sovereignty c) profit d) supply and demand 6) Who makes decisions for the public sector in a mixed economy? a) individuals and business b) individuals c) government d) individuals and government 7) What type of economic system does the United States have? a) Command b) Traditional c) Free market d) Mixed 8) What is supply? a) Amount that determines what is purchased b) Amount producers are willing to sell c) Amount an item costs d) Amount consumers are willing to buy 9) Henry has a lemonade stand. He earned $10. He spent $9 on supplies. What is the remaining $1? a) dividends b) profit c) credit d) interest 10) Consumers determine what goods and services will be produced based on the products they purchase. This is known as — a) consumer economy b) consumer sovereignty c) profit d) competition 11) When supply is high and demand is low, the price of an item will be — a) stay the same b) high c) low d) none of the above 12) What does the interaction between supply and demand decide? a) consumer preferences b) price of goods and services c) mixed economies d) free markets 13) In the United States economy, business owners are allowed to keep all earnings they make after all expenses have been paid. What are these earnings called? a) market price b) price c) consumer sovereignty d) profit 14) What term describes a company that is authorized to operate as a legal person? a) entrepreneur b) partnership c) corporation d) proprietorship 15) Which of the following is NOT a financial institution? a) banks b) savings and loans c) credit unions d) realty company 16) In the United States, what does the government collect from consumers in order to pay for public services? a) goods b) humans resources c) taxes d) interest 17) In the United States economy, all of the following move continuously among markets, businesses, and households EXCEPT — a) goods b) resources c) interest d) services 18) Which innovation has contributed to the global flow of information, capital, goods, and services? a) highways b) internet c) shipping d) railroads 19) In the United States economy, what do businesses buy from consumers? a) resources b) goods and services c) interest d) taxes 20) If a corporation fails, the owners' liability is their — a) property b) savings c) investment d) income 21) In the United States economy, what do consumers buy from businesses? a) goods and services b) resources c) taxes d) interest 22) Dan has $5,000. He wants to invest his money in the type of business that has the least amount of risk. In which type of business should he invest? a) corporation b) proprietorship c) partnership d) cruise ship 23) All of the following are reasons why the government participates in global trade EXCEPT — a) promote competition b) get goods and services we cannot produce c) develop monopolies d) promote world peace 24) The government pays for public goods and services through — a) revenue from the lottery b) donations from foreign nations c) donations from wealthy politicians d) revenue from sales and income taxes

Economics 2021

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