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- 1. Multiple Choice
Which economic system allows individuals and businesses to freely answer the three basic economic questions?
Command
Market
Mixed
Traditional
- 2. Multiple Choice
Select all three of the questions economic systems try to answer
For whom do we produce?
What is the opportunity cost?
What do we produce?
How do we produce?
- 3. Multiple Choice
Who answers the three questions in a command economy?
Individuals
Businesses
Tradition
Government
- 4. Multiple Choice
What's a disadvantage of a market economy?
No incentive to work hard
Doesn't allow for improvements
Greed driven
Discourages new ideas
- 5. Multiple Choice
What can competition provide for consumers?
Better products
Lower prices
Higher prices
Nothing
- 6. Multiple Choice
Wallace has really let his garden get overgrown, but he doesn't mind too much.
Which characteristic of the American economy is Wallace representing?
Profit Incentive
Competition
Lack of government control
Private Property
- 7. Multiple Choice
The country of Harvestan invested in a new technological field, hoping that it will create more jobs and products.
This is an example of...
Economic Stablity
Economic Equity
Economic Growth
Economic Freedom
- 8. Multiple Choice
What is a disadvantage in a command system?
The rich get richer while the poor stay poor
It is greed driven
Only people with money can participate
No incentive to work hard
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