Praxis Business: Economic Systems & Market 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. Why does a monopoly-based system result in a negative business environment?

Question 2 2. 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 3 3. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

Question 4 4. Why does the market structure of the United States MOST resemble monopolistic competition?

Question 5 5. Which one of the following statements is correct?

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Question 6 6. Why would a perfectly competitive market be beneficial for consumers?

Question 7 7.

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 8 8. Which of the following best describes a free market?

Question 9 9. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 10 10. Why is it often difficult to enter into a market that BEST resembles an oligopoly?

Praxis Business: Economic Systems & Market 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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