Which of the following is usually not a characteristic of capitalism or a market economy?
EPF Spring 2025 Final Review

Quiz
•
History
•
12th Grade
•
Easy
James Guy
Used 2+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Private property rights
Centralized economic planning
Competition among businesses
Profit motive
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is usually not a characteristic of socialism, communism, or a command economy?
Government ownership of resources
Centralized economic planning
Private ownership of businesses
Limited consumer choice
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines economics?
The study of how people make choices to satisfy their wants and needs
The study of living organisms and their environment
The study of past events and their impact on the present
The study of physical matter and its properties
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following does NOT accurately describe the mixed economy of the United States?
The government has no role in the economy.
Both private and public sectors exist.
The government regulates some industries.
Individuals can own private property.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there were a drought, what would most likely happen to the supply and demand in the short term of an agricultural product that is dependent on water?
Supply would decrease and demand would increase
Supply would increase and demand would decrease
Both supply and demand would increase
Both supply and demand would decrease
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price for an inelastic good increases, what is most likely to happen?
there will not be a significant change in demand
Supply of the medicine will increase
People will spend more money on other goods
The medicine will become free
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would be the least likely indicator of an economic contraction (decline)?
Rising unemployment rates
Decreasing consumer spending
Increasing GDP growth
Falling business investments
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