Question 2(Multiple Choice Worth 3 points) Most nations in the world today have

market economies
command economies
mixed economies
traditional economies
Question 3(Multiple Choice Worth 3 points)
Which economic thinker is correctly matched to the type of economy he supported?

Smith – command
Keynes — market
Keynes – command
Smith – market
Question 4(Multiple Choice Worth 3 points)
A mixed economy is

dependent only on the choices of individuals and businesses
a combination of individual choice and government protection
where people produce and trade traditional goods
completely based on government decisions
Question 5(Multiple Choice Worth 3 points)
The United States began as more of a

market economy but grew more mixed as government added laws and regulations
traditional economy but became a command economy as the government grew
mixed economy but became a market economy by reducing government laws
command economy but grew more mixed as government ended practices
Question 6(Multiple Choice Worth 3 points)
Which of the following best describes the United States?

It has a market economy with no government regulation. This is the only system that can work with a government run by the people.
It has a command economy. A large nation like the United States needs the government to control all growth of business to prevent problems.
It has a traditional economy. Most communities are focused on providing their own needs with the resources available in the local area.
It has a mixed economy. The government protects individual rights, such as minimum pay for work and choices in goods and services.
Question 7(Multiple Choice Worth 3 points)
How do patents help promote competition?

They support people who wish to copy and profit from registered inventions.
Knowing inventions can be protected encourages people to create new things.
The owner of the patent can prevent other people and businesses from innovation.
A patent can discourage businesses from offering new or improved goods and services.
Question 8(Multiple Choice Worth 3 points)
An inventor can obtain a(n) to protect his or her idea.

antitrust
price control
patent
regulation
Question 9(Multiple Choice Worth 3 points)
Price controls are

believed to prevent monopolies by stopping a company from setting prices too low or too high
made by governments with a purpose of discouraging competition in the economy
set prices for goods and services that only government-approved businesses may offer
a system of government laws and regulations that control how people run their businesses
Question 10(Multiple Choice Worth 3 points)
The purpose of antitrust law is to

support efforts of companies to take over others
discourage competition in certain markets
force similar companies to combine into one
protect competition by preventing monopolies