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- 1. Multiple Choice
Which of the basic economic systems allow government to control most aspects of the economy?
mixed
command
market
traditional
- 2. Multiple Choice
What would result if everyone became self-sufficient?
a command economy would form
government would take over
specialization would increase
there would be no need for markets to purchase goods and services
- 3. Multiple Choice
What assumption can we make about people living in command economies
they are happy with their government
they have all their wants and needs met
they are experiencing shortages
they are all happy with their jobs
- 4. Multiple Choice
What influence does the government have in a market economy?
they have limited control of the aspects of the economy
they have no control of any aspects of the economy
they are forced to keep out of economic affairs
both B and C
- 5. Multiple Choice
What is the best definition of a mixed economy?
the least popular type of economic system
an economy that has all three of the other economic systems present
an economic system that has elements of traditional, command, and/or market economies
none of the above
- 6. Multiple Choice
What is a characteristic of a market economy?
markets
private property
competition
all of the above
- 7. Multiple Choice
The main concern of a traditional economic system is …..
to be the most productive society globally
to make private property and competition laws
to support the wants and needs of the individual consumer
to support the basic needs of the society as a whole
- 8. Multiple Choice
Once an economic system is established, what can or cannot be done?
the basic economic questions can be answered
resources can no longer be produced
government can take over the society’s economy
laissez faire economics can begin
- 9. Multiple Choice
What are some negative effects of the traditional economy?
they are always choosing new ideas and technologies
they are inefficient in providing goods and services to the society
they assign jobs based on test scores
all of the above
- 10. Multiple Choice
What is a common phrase used in capitalism?
freedom of the market
there’s nothing better than money
survival of the fittest
taxation without representation
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