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- 1. Multiple Choice
Which type of economic system does the United States have?
Market
Commend
Mixed
Traditional
- 2. Multiple Choice
The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his Dad had been. What kind of economic system does this describe?
Market
Command
Traditional
Mixed
- 3. Multiple Choice
In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?
Market
Mixed
Traditional
Command
- 4. Multiple Choice
In a market economy, goods and services were privately owned businesses.
True
False
- 5. Multiple Choice
In a Command Economy, the government provides and controls the goods and services.
True
False
- 6. Multiple Choice
Although there have been small market reforms in North Korea, the majority of legal economic activities are centrally controlled by the government. What type of economy does North Korea have
Market
Mixed
Traditional
Command
- 7. Multiple Choice
In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?
Mixed
Command
Traditional
Market
- 8. Multiple Choice
Turkey has a diversified economy with large service, manufacturing, and agricultural sectors. It has gradually moved from government directed economy to more private enterprise. Which economic description best suits Turkey?
Command/Mixed
Mixed/Market
Traditional
Command
- 9. Multiple Choice
Something from nature that people can use. It is NOT created by humans. What type of resource is this?
Capital
Natural
Human
Mixture
- 10. Multiple Choice
Money, products, and supplies used in the production of goods and services are called
Capital Resources
Natural Resources
Human Resources
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