Economic Systems

Front

The economic system of communist countries is most closely related to which of the following: Command, Market, Traditional, Mixed?

Back

Command

Front

Which of the following is NOT one of the basic questions that all economic systems must answer: What to produce, How to produce, How much to produce, For whom to produce?

Back

How much to produce

Front

In a command economy, economic decisions are made by the

Back

government

Front

Who owns the resources in a command economy?

Back

the government

Front

How are goods and services exchanged in a traditional economy?

Back

through bartering

Front

Which of the following BEST describes a market system? Options: The government provides services, such as telephones and television., A person can start any legal business and charge any price., The government provides food and housing to all workers., Businesses are owned by the government.

Back

A person can start any legal business and charge any price.

Front

This is an economic system where people follow the occupation of their ancestors:

Back

Traditional

Front

A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy? Free labor, Competition between businesses, Government control of industry, Government control of agriculture

Back

Competition between businesses

Front

An economic system that allows individuals to start businesses, but still has government regulations is

Back

Mixed

Front

Most democratic countries today have which economic system?

Back

Mixed