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- 1. Multiple Choice
An economic system where the government tells people what jobs they will have and what prices they will pay is called a...
Command Economy
Market Economy
Barter Economy
- 2. Multiple ChoiceWhat are the 3 basic economic Questions all economies must answer:Who? What? When? Where?I? D? K?What to produce? How to produce? For whom to produce?
- 3. Multiple ChoiceWhat are the three basic economic systems:Command, Traditional, MarketAutocracy, Democracy, HollandUK, Euro, Dollar
- 4. Multiple ChoiceEconomic system based on custom, traditions and the pastCommandMarketTraditional
- 5. Multiple ChoiceEconomy based on what their parents have always done and what their parents have always done etc etccommandmarkettraditional
- 6. Multiple Choicetrading without using money is called?HouseBarteringhandoff
- 7. Multiple ChoiceGovernment controls all aspects of economy
Example: The government owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everythingcommandmarkettraditional - 8. Multiple ChoiceA country with complete economic freedom and no government control would be:commandmarket
- 9. Multiple Choice
In a command economy, decisions about what, how and for whom to produce are determined by:
the government
cultural; traditions
supply and demand
- 10. Multiple ChoiceA person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoftcashierentrepreneurcapitalistproprietor
- 11. Multiple Choice
There are no truly pure Market economic systems, but which of the following countries is closest?
Cuba
Germany
Russia
United States
- 12. Multiple Choice
What do the economic systems of the UK, Germany, and Russia have in common?
all are examples of pure market economies
all are examples of mixed economies
all are examples of traditional economies
all are examples of command economies
- 13. Multiple Choice
The economic system of communist countries is most closely related to a_______________________________because the government makes all of the economic decisions.
Market Economy
Command Economy
Mixed Economy
Traditional Economy
- 14. Multiple Choice
All world economies can be measured on a line called
Economic Time Line
Economic Continuum
Economic Number Line
Economic graph
- Answer choicesTagsAnswer choicesTags