SW Asia Economic System

Multiple Choice

Which of the following best describes a mixed economy?

• An economy where all decisions are made by the government.

• An economy that operates without any government intervention.

• An economy that incorporates elements of both market and command economies.

• An economy where decisions are made solely through market forces without any regulation.

Multiple Choice

A command economy is characterized by which of the following?

• High levels of competition among businesses

• Minimal government intervention in economic decisions

• Government making all economic decisions

• Consumer preferences determining production

Multiple Choice

What best describes a mixed economy?

• An economy that incorporates elements of both market and command economies.

• An economy that relies solely on government control.

• An economy that is entirely based on free market principles.

• An economy that has no regulation or oversight.

Multiple Choice

This type of economy relies on government to make all economic decisions. What type of economy is this?

• Traditional
• Command
• Market
• Mixed

Multiple Choice

In a traditional economy what system is used to exchange goods?

• Currency

• Bartering

• Trading

• They don't produce enough to sell

Multiple Choice

A system that relies on customs, history, and time-honored beliefs. Tradition guides  economic decisions such as production and distribution. Depends on agriculture, fishing,  hunting, gathering, or some combination of the above. They use barter instead of money.

• Traditional Economy

• Command Economy

• Market Economy

Multiple Choice

A ______ economy (or subsistence economy) is one based on custom and tradition, usually based on farming, fishing, hunting, and bartering.

• traditional

• market

• communal

• imperial

Multiple Choice

In a command economy, how is it determined what goods and services will be produced?

• Businesses decide what to produce on the basis of market conditions.

• Consumers decide through their behavior in the marketplace.

• Central government planning decides what will be produced.

• Supply and demand control production and price.

Fill in the Blanks

Economic system in which basic economic decisions are made by a central authority.

Multiple Choice

_what is the definition of command economy?

• economic system combining private and public enterprise.
  
• an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
  
• An economy in which production, investment, prices, and incomes are determined centrally by a government.

Multiple Choice

Which of the following is a characteristic of a command economy?

• High levels of competition among businesses

• Prices are determined by supply and demand

• The government plans and controls the economy

• Consumers have a wide choice of goods and services

Multiple Choice

What is the term used to describe the limited supply of something?

• Abundance

• Scarcity

• Surplus

• Economy

Multiple Choice

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Open Ended

What are some current forms of money and how do people still engage in bartering?

Multiple Choice

What goods/services will be produced in a traditional economy?

• People follow tradition & make what their ancestors made.

• People innovate and create new products.

• People rely on market demand.

• People import goods from other countries.

Multiple Select

In a command economy...…(check all that apply)

• the government regulates the economic decisions

• the people decide the system

• mostly used under a Communist government

• is a great system to live under

Fill in the Blanks

Economic system in which basic economic decisions are made by a central authority.

Multiple Choice

What is the role of free enterprise in a market economy?

• It regulates prices

• It eliminates competition

• It helps make economic decisions

• It controls the government

Multiple Choice

What are some potential consequences of a truly free market economy?

• No laws for safety of goods/services

• Increased government regulation

• More job security for workers

• Higher prices for consumers

Multiple Choice

Which of the following would result in Brazil moving closer to the pure market side on the economic continuum?

• Brazil turning over government controlled industries to private businesses

• Brazil's government taking over all major industries

• Brazil basing all economic decisions on traditions and customs

Multiple Choice

What is the term used to describe an instruction given to a computer?

• Command

• Function

• Variable

• Loop

Multiple Choice

Which of the following is the CONTRAPOSITIVE of the statement below?

If a species walks on two feet, then

it is human.

• If a species is not human, then it does not walk on two feet.

• If a species is human, then it walks on two feet.

• If a species does not walk on two feet, then it is not human.

• There is no contrapositive of the statement.

Multiple Choice

What is the term that describes the conventional approach to education or methods?

• Modern

• Innovative

• Traditional

• Progressive

Multiple Choice

A command economy is characterized by which of the following?

• High levels of competition among businesses

• Minimal government intervention in economic decisions

• Government making all economic decisions

• Consumer preferences determining production

Multiple Choice

Which of the following best describes the role of supply and demand in a market economy?

• It determines the literacy rate of the country.

• It dictates the government's role in economic decisions.

• It influences the prices of goods and services.

• It has no impact on the economy.

Multiple Choice

Which of the following best describes a mixed economy?

• An economy where all decisions are made by the government.

• An economy that operates without any government intervention.

• An economy that incorporates elements of both market and command economies.

• An economy where decisions are made solely through market forces without any regulation.

Multiple Choice

Penny is an artist, and John is a carpenter. Penny agrees to paint a portrait of John’s family in exchange for a handmade table created by John. How do Penny and John pay for their goods in their transaction? 

• using a store of value
• through credit
• through bartering
• with currency

Poll

How confident do you feel about this topic now?

• Very confident
• Somewhat confident
• Not confident