What is a command economy?
Economics Final Exam

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Social Studies
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12th Grade
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Hard
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104 questions
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1.
FLASHCARD QUESTION
Front
Back
An economy where the government makes most of the economic decisions.
2.
FLASHCARD QUESTION
Front
What are the advantages of a market economy? A. It rewards individual initiative. B. It encourages innovation. C. It provides a wide variety of goods and services.
Back
All of the above.
3.
FLASHCARD QUESTION
Front
What is a mixed economy?
Back
An economy where consumers and businesses jointly answer questions of what, how, and for whom to produce.
4.
FLASHCARD QUESTION
Front
What is the role of the government in a mixed economy?
Back
To make some economic decisions.
5.
FLASHCARD QUESTION
Front
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
Back
Command
6.
FLASHCARD QUESTION
Front
What type of economy determines prices of goods and services based on supply and demand, has little to no government regulation of business, and allows privately controlled resources?
Back
Market
7.
FLASHCARD QUESTION
Front
Which economic system allows government to help protect consumers and regulate prices, government has some control over business and resources and can be privately owned and controlled?
Back
Mixed
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