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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 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
- 3. 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
- 4. Multiple ChoiceWhat is an economic system where only the government makes the economic decisions?traditional economyfree enterprisemixed economycommand economy
- 5. Multiple ChoiceWhat type of economy do most countries in the world have?Market economyCommand economyTraditional economyMixed economy
- 6. Multiple ChoiceThe Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?TraditionalMarketCommandCentrally Planned
- 7. Multiple ChoiceWhat are the 3 economic questions?What to produce? How To Produce? For whom to produce?Who to produce? Why you produce? Like to produce?Why to produce? Tell who to produce? Things to produce?
- 8. Multiple Choice
Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?
Market
Socilaism
Mixed
Command
- 9. Multiple ChoiceA person who comes up with a product or service, and finds the money and time to produce this new product.EntrepreneurIncentiveSpecializationBarter
- 10. Multiple ChoiceIn a command economy, who holds power over the economy?The peopleThe governmentBeyonceThe traditions of your ancesetors
- 11. Multiple Choice
If I choose to be a fisherman for my town because my father was a fishermen, and my grandfather was a fisherman what economic system is this?
Mixed
Market
Traditional
Command
- 12. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 13. Multiple ChoiceThe government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket
- 14. Multiple Choice
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
Traditional
Market
Command
Mixed
- 15. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 16. Multiple Choice________ is the most basic or fundamental economic problem.ScarcityLaborGreedCapital
- 17. Multiple Choice
Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.
Traditional to mixed
Command to traditional
Market to mixed
Command to mixed
- 18. Multiple Choice
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
- 19. Multiple Choice
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
- 20. Multiple Choice
This guy is called the father of economics and he literally wrote the book on capitalism
Karl Marx
Tom Brady
Kanye West
Adam Smith
- Answer choicesTagsAnswer choicesTags