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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 Choice
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
- 3. 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
- 4. Multiple Choice
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
- 5. Multiple Choice
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
- 6. Multiple Choice
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
- 7. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 8. Multiple Choice
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
- 9. Multiple Choice
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- 10. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 11. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 12. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 13. Multiple Choice
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
- 14. Multiple ChoiceSam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand
- Answer choicesTagsAnswer choicesTags