Government and Economy Test -Semester 1

Front

What is a traditional economic system?

Back

A traditional economic system is a system where economic decisions are based on customs, traditions, and beliefs.

Front

What is a command economic system?

Back

An economic system in which the government has full control over the allocation of resources and the production of goods and services.

Front

What is a market economic system?

Back

An economic system where decisions regarding investment, production, and distribution are based on the interactions of supply and demand in the market.

Front

What is a mixed economic system?

Back

A mixed economic system is an economic system that combines elements of both capitalism (market) and socialism (command)

Front

Which economic system is based on customs, traditions, and beliefs?

Back

traditional economy

Front

Which economic system is controlled by a central authority?

Back

command economy

Front

Which economic system allows individuals and businesses to make their own decisions?

Back

market economy

Front

Which economic system combines elements of both command and market systems?

Back

mixed economy

Front

Which economic system is most commonly found in the real world? Options: market economy, subsistence economy, command economy, mixed economy

Back

mixed economy

Front

Which economic system would you most likely associate with a dictatorship? Options: Capitalism, Feudalism, Command, Traditional

Back

Command