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- 1. Multiple ChoiceThe four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- 2. Multiple ChoiceA command economy is when the government is in control.TrueFalse
- 3. Multiple ChoiceWhich of the following is an economic system in which the government and people are used to decide how to use scarce resources?Market economyCommand economyTraditional economyMixed economy
- 4. Multiple ChoiceWhich of the following is an economic system in which economic decisions are made according to social roles & culture?Market economyCommand economyTraditional economyMixed economy
- 5. Multiple ChoiceCapitalism flourishes here in this economic system.TraditionalMarketCommandMixed
- 6. Multiple ChoiceWhich of the following is an economic system in which economic decisions are made according to social roles & culture?Market economyCommand economyTraditional
Traditional economyMixed
Mixed economy - 7. Multiple ChoiceWhat is an economic system where only the government makes the economic decisions?traditional economyfree enterprisemixed economycommand economy
- 8. Multiple ChoiceWhat type of economy do most countries in the world have?Market economyCommand economyTraditional economyMixed economy
- 9. Multiple ChoiceIn the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?TraditionalMarketCommandCentrally planned
- 10. Multiple ChoiceThe Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?TraditionalMarketCommandCentrally Planned
- 11. Multiple ChoiceSam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand
- 12. Multiple ChoiceKatia is an accountant in a government run business where she was placed after graduation.CommandTraditionalFree MarketMixed
- 13. Multiple ChoiceMary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.TraditionalFree MarketMixedCommand
- 14. Multiple ChoiceJoe owns a shoe store. At the end of the month Joe decides what to do with his profits.CommandFree MarketTraditional
- 15. Multiple ChoiceNike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.Free MarketCommandTraditional
- 16. Multiple ChoiceSarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government.TraditionalFree MarketMixedCommand
- 17. Multiple ChoiceTed is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.Free MarketTraditionalCommand
- 18. Multiple ChoiceSally works in a private company that has to follow government rules for public safety.Free MarketCommandMixedTraditional
- 19. Multiple ChoiceWho or what answers the basic economic questions in a mixed economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 20. Multiple ChoiceWho or what answers the basic economic questions in a traditional economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 21. Multiple ChoiceWho or what answers the basic economic questions in a command economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 22. Multiple Choice
I have a problem with having enough resources. What basic question of economics solves this?What to produce?How to produce?When to produce?For whom to produce? - 23. Multiple ChoiceSociety will never be able to satisfy all wants and ____.desiresneedshungersmoney problems
- 24. Multiple ChoiceIf you tell me a price on something and I offer you a different price, this is an example of what kind of economy?TraditionalCommandMarketMixed
- 25. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 26. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 27. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 28. Multiple ChoiceThis type of government typically goes with the Command Economy.DemocracyDictatorshipAutocracyCommunism
- 29. Multiple ChoiceThe government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket
- 30. Multiple ChoiceIf there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.desiredemandsupplyscarcity
- 31. Multiple Choice_______ is another word for Market Economy.CapitalismCommunism
- 32. Multiple ChoiceEconomics seeks the answer to the basic question of how to deal with ______.moneyhungerdemandscarcity
- 33. Multiple ChoiceI am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- 34. Multiple ChoiceTabitha is car shopping. She sees a car she likes, but it's too expensive, so she goes to a different dealership to get a better price.Tabitha lives in a command economy.Tabitha lives in a market economy.
- 35. Multiple ChoiceZack works hard at his job, but he doesn't get any reward for it because the government won't let him. He lives in a...Market economyCommand economy
- 36. Multiple ChoiceAn economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the pastTraditionalMixedMarketCommand
- 37. Multiple ChoiceWhich country is the closest to a pure market economy?CubaAustraliaGermanyRussia
- 38. Multiple ChoiceMost democratic countries have this type of economic system.TraditionalMarketMixedCommand
- 39. Multiple ChoiceWhat Is an Entrepreneur?Person who runs their own company and take risksComputer EngineerPerson who brings entrees to the tablePerson who eats entrees
- 40. Multiple ChoiceWhat is Our EconomyMixedTraditionalMarketCommand
- Answer choicesTagsAnswer choicesTags