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Characteristics of a Market Economy Flashcards | StudBud

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Characteristics of a Market Economy

12 terms·StudBud Administration·1,334 plays

A reading comprehension quiz about #market #economics #goods #free-enterprise #command-economy #limited #government #competition #self-interest

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Questions 12

Answers

1
In the context of this passage, what are goods?
benefits
moral excellence
raw materials
products bought and sold
2
Free market economies have no undesirable outcomes.
true
false
3
Instead of government planning, what structures a market economy?
consumers and producers
types of money available
fair business practices
markets and prices
4
Free market economies tend to favor the wealthy and promote gaps in income.
false
true
5
A free market economy is sometimes called
capital.
competition.
free enterprise.
static economy.
6
All of the following are characteristics of a market economy except
competition.
public ownership of capital resources.
limited government intervention.
freedom of choice.
7
A market economy is an economic system
that is regulated by the government.
which takes according to ability and gives to the needy.
with only the most educated having the power.
regulated by supply and demand, not the government.
8
What pressure limits the abuse of economic powers in a market economy.
price
competition
supply
demand
9
Choose the correct answer.
incorrect
incorrect
incorrect
correct
10
What is the driving force of a market economy?
a motive of self-interest
wanting to put government first
a motive of helping others
the wealthy pay most of the taxes
11
Who owns most of the resources in a market economy?
the educated
the government
the buyers and sellers.
the wealthy
12
Which of these is not an advantage of a market economy?
more civil and political freedoms
more choices in goods and services for customers
lower quality and higher prices