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10 questions
The way in which a country makes economic decisions is called its economic
system.
resources.
vote.
market.
Businesses produce goods and services to sell to others by using such items as capital goods, land, and willing workers. These items used in production are examples of economic
resources.
markets.
credit.
capital.
Which of the following is a statement that is true for all economic systems:
People are interdependent.
Government regulates wages.
Business is competitive.
Consumers control prices.
Which of the following identifies a basic characteristic of command economic systems:
The government owns and operates the majority of the means of production and distribution.
Individuals and businesses own and operate the means of production and distribution.
The government works with individuals to operate production and distribution processes.
Consumers determine what will be produced and how it will be distributed.
An entrepreneur wants to open a manufacturing plant, but in his/her country s/he cannot own a business. In what type of economic system does this person live?
Communist command
Socialist command
Traditional
Private enterprise
Determine which of the following is a true statement about socialist command economies:
Products are produced based on the government's master plan.
Wages are based on the availability of workers.
The government tells people where to work.
Individuals are not permitted to operate private businesses.
The economic system that allows people to own their own businesses and distribute the products they produce is a __________ economy.
market
totalitarian
communist
socialist
What type of economic systems are found only in undeveloped countries?
Traditional
Socialism
Market
Communism
Which of the following is an economic question that must be answered by all economic systems:
How will products be allocated?
How can competition be increased?
How can government control be limited?
How can the profit motive be encouraged?
Which of the following countries is correctly paired with its economic system:
Cuba – Communist command
China – Traditional
Great Britain – Market
Japan – Socialist
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