Economics Test

Which economic system is being depicted in this image?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Which economic is also known as "Socialism"?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which economic system is also known as "Capitalism"?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system will you see people growing and selling their own food, and the government providing food services like WIC and EBT?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Economics is

• The study of money

• The study of wealth

• The study of business exchange

• The study of choices

Good economic decisions are made when the benefits of a choice are greater than the

• costs

• community

• needs

• desire

Which of the following is NOT true about NEEDS?

• It's a requirement for survival.

• Water is an example of a negotiable need.

• Negotiable needs are individually determined.

• Everyone human being has needs.

Which of the following is true about WANTS?

• Something you have a desire for.

• Oxygen is a want.

• A necessity for survival.

• Wants are non-negotiable.

In order to have everything we could ever want we would need

• Republican policies

• Democrat policies

• unlimited resources

• a strong religious base

resources required to produce the things we like to have are called the ________________ of production.

• Essentials

• Resources

• Possibilities

• Factors