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- 1. Multiple Choice
the required amount of a specific good that must be produced in a time frame.
bartering
command economy
market economy
production Quota
subsistence
- 2. Multiple Choice
an economic model where the laws of supply and demand, not the government, determine what is produced, consumed, and the cost.
bartering
command economy
market economy
production quota
subsistence
- 3. Multiple Choice
an economic model where government planners make all business and financial decisions.
bartering
command economy
market economy
production quota
subsistence
- 4. Multiple Choice
a system of exchange where one good or service is given in return for another. This system does not require currency.
bartering
command economy
market economy
production quota
subsistence
- 5. Multiple Choice
producing only what is necessary for personal use or survival.
bartering
command economy
market economy
production quota
subsistence
- 6. Multiple Choice
term for one's financial earnings
traditional economy
wage
economic continuum
mixed economy
Brexit
- 7. Multiple Choice
2016 referendum where a majority of British citizens voted to withdraw from the EU.
traditional economy
wage
economic continuum
mixed economy
Brexit
- 8. Multiple Choice
an economic model governed by custom, habit, and history.
traditional economy
wage
economic continuum
mixed economy
Brexit
- 9. Multiple Choice
a 0-100 scale which ranks world economies from command (closer to 0) to most market (closer to 100)
traditional economy
wage
economic continuum
mixed economy
Brexit
- 10. Multiple Choice
term used to describe the market/command blend of all modern world economies.
traditional economy
wage
economic continuum
mixed economy
Brexit
- 11. Multiple Choice
Which of following best describes a market economy?
A person can start any legal business and charge any price.
The government provides food and housing to all workers.
The government provides services, such as telephones and television.
National businesses, such as airlines, are owned by the government.
- 12. Multiple Choice
The government where you live decides what products your country will produce, how they will be produced and for whom they will be produced. What type of economy does your country have?
traditional
market
command
mixed
- 13. Multiple Choice
What do the economic systems of the United Kingdom, Germany, and Russia have in common?
All are examples of pure market economies
All are examples of mixed economies that are mostly market economies with some elements of command economies.
All are examples of mixed economies that are mostly command economies with some elements of market economies.
All are examples of pure command economies.
- 14. Multiple Choice
Most countries have a mixed economy located on a continuum between pure market and command. What does this statement mean?
Most countries have a blend of market and command economies. Some are closer to pure command while others are closer to pure market.
Most countries have stores that continue to sell goods only to the government.
Most countries really have traditional economies where they do things they way that they always have.
Most countries have a pure command or pure market economy.
- 15. Multiple Choice
Which of the following explanations would reflect a country with a mixed economy (i.e., between a pure market and pure command)?
Prices and wages are solely regulated by a country’s government.
A combination of privately-owned industry and government control.
A country’s distribution of resources is based on inheritance.
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
- 16. Multiple Choice
In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this exchange process?
charging goods on a credit card
bartering with a seller
paying for services by check
using currency to pay
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