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Economic Systems & Structures Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. A command economy is:

Question 2 2. Which of these countries provides a current or historical example of a command system of economics?

Question 3 3. Which one of the following is NOT a characteristic of capitalism?

Question 4 4. Which of the following is the best explanation of a free market in the real world?

Question 5 5. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

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Question 6 6. Which one of the following economic systems is characterized by state ownership of land and capital, but individuals remaining in control of their labor?

Question 7 7. Which of the following economic problems is NOT associated with a command system of economics?

Question 8 8. Which one of the following statements is correct?

Question 9 9. Why is rewarding risk-taking an advantage to capitalism?

Question 10 10. What determines the price of a good or service in a capitalistic economy?

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Question 11 11. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 12 12. How should a government behave in a capitalist system?

Question 13 13.

John manages a toy factory that produces toy trains, baby dolls, and race cars. Every day he receives a list from the local government specifying how many toys he must produce, what materials to use, and how much each toy is to be sold for. He organizes the day's work accordingly.

This scenario closely aligns with which of the following?

Question 14 14. In a country with a command economy, people are angry because there are surpluses of snow shovels, overalls, and slow cookers, but shortages of toilet paper, canned food, and televisions. Which of the problems associated with command economic systems are they experiencing?

Question 15 15. Which of these government administrators is behaving in a way that exemplifies the problem of moral hazard in a command economic system?

Economic Systems & Structures Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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