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- 1. Multiple Choice
Select all that apply. What are the three basic economic questions?
What should be produced?
How should it be produced?
Why should it be produced?
Who gets to consume it?
- 2. Multiple Choice
It is when individuals dictate the economy
Command economy
Traditional economy
Mixed economy
Market economy
- 3. Multiple Choice
It is when customs dictate the economy
Mixed economy
Market economy
Command economy
Traditional economy
- 4. Multiple Choice
It is when the government dictate the economy
Traditional economy
Command economy
Market economy
Mixed economy
- 5. Multiple Choice
It is when individuals in the market dictate the economy
Market economy
Command economy
Mixed economy
Traditional economy
- 6. Multiple Choice
One of the advantages of a traditional economy
poverty
innovative
promotes strong social bonds
creates national projects
- 7. Multiple Choice
One advantage of command economy
little technology
planning does not match reality
innovative
create large national projects
- 8. Multiple Choice
Select all that apply. Disadvantages of a command economy
planning does not match reality
innovative
little technology
does not meet people's needs
- 9. Multiple Choice
Select all that apply. advantages of market economy
markets lead to equilibrium
poverty
innovative
high quality
- 10. Multiple Choice
role of government in mixed economy
regulate the market
own the market
reject the market
- 11. Multiple Choice
in a mixed economy, ______ are determined in the market
cost of products
incentives
prices
profit
- 12. Open Ended
differentiate socialist, communist, capitalist and fascist
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