Economy - Chapter 2

10 Questions | By Independentstudy | Last updated: Mar 21, 2022 | Total Attempts: 184

Questions

Settings

Create your own Quiz

A short quiz about Chapter 2 of Economics.

Questions and Answers

1.

What is the economic system?
- A.
  
  The method used by a society to produce and distribute goods and services.
- B.
  
  The method used by a society to produce and distribute air and water.
2.

What are factor payments?
- A.
  
  The income people receive for supplying money in banana peels.
- B.
  
  The income people receive for supplying factors of production- land, labor, capital or entrepreneurship
3.

Define Patriotism.
- A.
  
  The love of ones country - the passion that inspires a person to serve his or her country
- B.
  
  The love of ones pet or child.
4.

Relies on habit, custom, or ritual to deicide what to produce, how to produce it, and to whom to distribute it.
- A.
  
  Traditional Economy
- B.
  
  Extraordinary Economy.
5.

Market Economy.
- A.
  
  Economic decisions are made by individuals and are based on exchange, or trade
- B.
  
  Level of economic prosperity
6.

The central government alone decides how to answer all three key economic questions.
- A.
  
  Horizontally Planned Economy
- B.
  
  Centrally Planned Economy
7.

What is profit?
- A.
  
  Financial gain.
- B.
  
  Financial loss.
8.

The hope of reward of the fear of punishment that encourages a person to behave in a certain way.
- A.
  
  Incentive
- B.
  
  Self-interest
9.

The power of consumers to decide what gets produced
- A.
  
  Socialism
- B.
  
  Consumer sovereignty.
10.

Characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
- A.
  
  Communism
- B.
  
  Socialism

Related Topics

More Economy Quizzes

Business Quiz: Economies Of Scale

One of the sub-topic of business growth

Questions: 8 | Attempts: 1526 | Last updated: Mar 22, 2022

Sample Question
Economies of scale is also known as...

Benefiting scales.

Returns of scale

EOS

The Ideal Quiz On Economy Ch 12 Review

There are different things that affect the economy, as we know it. One thing that exists in almost every economy is debt; it is used as a source of capital for different investments. Take this ideal review quiz on economy...

Questions: 22 | Attempts: 1306 | Last updated: Mar 19, 2022

Sample Question
The Council of Economic Advisers was established to give economic advice to Congress.

True

False

Online Quiz On "General Awareness : Indian Economy"

Questions: 10 | Attempts: 1137 | Last updated: Mar 20, 2022

Sample Question
Government of India has launched ---------------- for assistance to Indian Ocean nations amid COVID-19 crisis.

Fitness Mission

Mission AMRUT

Mission Sagar

Pahal Mission