Economics Quiz

What type of economy is based on customs and traditions?

• Market economy

• Traditional economy

Who controls the economy in a command economy?

• The government

• Private Business Owners

Which type of economy is based on private ownership and competition?

• Market economy

• Command economy

What is a mixed economy?

• An economy that mixes free trade with free enterprise.

• An economy that blends traditional, market, and command systems

The United States is most closely associated with which type of economy?

• Free enterprise system

• Command economy

Which of these is considered a public good?

• A smartphone

• A public highway

How are public goods usually paid for?

• Taxes

• Business investments

What are manufacturing industries responsible for?

• Making finished products from raw materials

• Selling goods to consumers

What kind of industry includes selling goods to other businesses?

• Wholesale industry

• Retail industry

Which industry focuses on providing services rather than goods?

• Service industry

• Manufacturing industry