20 questions
A _____________ economy is completely determined and controlled by a central planning authority or the government
Traditional
Planned/Command
Mixed
Free Market
A ______________ economy is guided primarily by custom, habit, and ritual.
Traditional
Planned/command
Mixed
Free Market
Moana's village would be an example of a ___________ economy.
Traditional
Planned/command
Mixed
Free-market
A _____________ economy is driven entirely by voluntary exchange in markets
Traditional
Planned/Command
Mixed
Free Market
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
An example of a public good provided by the government would be:
Cars
Interstate highway
Phones
Internet
Cars, phones, and the internet would be examples of _______ goods.
Private
Public
_______________ would be an example of a modern mixed economy. (select all that apply!)
Germany
The United States
North Korea
Brazil
A 100% free market without government involvement doesn't really exist in the modern world.
True
False
The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.
True
False
The old Soviet-style planned/command economy doesn't really exist in its pure form anywhere in the modern world.
True
False
__________ is an example of a planned/command economy.
Capitalism
Traditional
Uniited States of America
Communism
The closest thing to a planned/command economy today exists in:
Soviet Union
Czechoslovakia
North Korea
South Korea
Which of the following is NOT one of the 4 economic goals & societal values:
Creativity
Security
Freedom
Equity
Which of the following is NOT one of the 3 key economic questions:
Who consumes it?
How do we produce it?
Is a hot dog a sandwich?
What do we produce?
This guy literally wrote the book on communism
Karl Marx
Adam Smith
Nick Covington
John Calvin
This guy is called the father of economics and he literally wrote the book on capitalism
Karl Marx
Tom Brady
Kanye West
Adam Smith
This diagram is called a:
Production Possibilities Curve
Supply and Demand Curve
Circular Flow Model
Circular Motion Equation
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy