What is a traditional economy primarily based on?
Economics Practice Test 2

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•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Customs and traditions
2.
FLASHCARD QUESTION
Front
Which of the following is a disadvantage of a capitalist free economy? Equal distribution of wealth, Lack of competition, Income inequality, Centralized decision-making
Back
Income inequality
3.
FLASHCARD QUESTION
Front
How do free enterprises typically grow in a capitalist economy?
Back
By reinvesting profits
4.
FLASHCARD QUESTION
Front
What does an elastic supply curve indicate?
Back
Supply is highly responsive to price changes
5.
FLASHCARD QUESTION
Front
How is marginal revenue calculated?
Back
Change in total revenue divided by change in quantity sold
6.
FLASHCARD QUESTION
Front
In an economy, equilibrium occurs when: Supply exceeds demand, Demand exceeds supply, Supply equals demand, Prices are fixed by the government
Back
Supply equals demand
7.
FLASHCARD QUESTION
Front
What is the purpose of a price ceiling?
Back
To ensure prices do not rise above a certain level
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