MGT100 - Types of Economies

Front

Do all economies have to answer the economic questions differently?

Back

True

Front

What is another name for a free market economy?

Back

capitalism

Front

All of the following are an example of a type of economy EXCEPT: capitalism, socialism, communism

Back

democracy

Front

The U.S. like most other countries has a mixed economy.

Back

True

Front

The U.S. is founded on which type of economy?

Back

capitalism

Front

Type of economy where the gov't controls key industries such as banking, transportation, and communications.

Back

socialism

Front

Who answers the basic economic questions in a free market economy?

Back

Individuals