Economic Systems

Front

In a market economy, what most strongly affects the price and quality of goods and services?

Back

competition as well as supply and demand

Front

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

Back

What is produced, how is it produced, and for whom is it produced?

Front

Which of the following would reflect a country with a mixed economy? Prices and wages are completely regulated by a country’s government. A combination of privately-owned industry and government control. A country’s distribution of resources is based on inheritance. Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

Back

A combination of privately-owned industry and government control.

Front

What economic system would an indigenous group like the Native Americans most likely have?

Back

traditional economy

Front

Which country is closest to pure command? Options: North Korea, United States, United Kingdom, Germany

Back

North Korea

Front

What type of economy is represented by Sam learning how to make clay bricks like his father and grandfather? Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

What type of economic system is represented by Katia's government-run business? Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

If 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.

Back

Command

Front

I have a _____ economy.

Back

Traditional

Front

What type of economic system is described where Mary Ann runs a car dealership selling only government produced cars and must give all of her earnings back to the government? Options: Traditional, Free Market, Mixed, Command

Back

Command