Who's the Boss LAP Test

1. Which of the following items is found in all economic systems:

• 1. Technology

• 1. Participants

• 1. Subsistence

• 1. Dollars

1. The most common medium of exchange in modern economic systems is

• 1. money.

• 1. credit.

• 1. barter.

• 1. capital.

1. One of the reasons that a country needs an economic system is because it

• 1. has a limited supply of resources.

• 1. has immigrants from several countries.

• 1. is independent of other nations.

• 1. has limited wants and needs.

1. Which of the following types of economic systems adopts the fewest new ideas and improvements:

• 1. Communist command

• 1. Socialist command

• 1. Traditional

• 1. Market

1. In a __________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.

• 1. traditional

• 1. market

• 1. socialist command

• 1. communist command

1. Government owns some basic means of production, but there is private ownership of business under

• 1. entrepreneurship.

• 1. socialism.

• 1. communism.

• 1. capitalism.

1. In a __________ economy, individuals and businesses own the means of production and distribution with limited government regulation.

• 1. market

• 1. traditional

• 1. socialist command

• 1. communist command

1. An example of a country that has a socialist command economy is

• 1. Japan.

• 1. Sweden.

• 1. China.

• 1. North Korea.

1. Which of the following cultures has a traditional economic system:

• 1. Amazon Rainforest communities

• 1. Villages in the Rocky Mountains

• 1. Rural areas in Denmark

• 1. Cuban neighborhoods

1. A country that currently has a communist command economic system is

• 1. Japan.

• 1. Denmark.

• 1. North Korea.

• 1. India.