Types of Economies

Types of Economies

KG - University

12 Qs

quiz-placeholder

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Types of Economies

Types of Economies

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KG - University

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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key factor in determining the type of economy a country has?

public and private sector
what will be produced, how it will be produced, and for whom it will be produced
the availability of resources and demand
the extent of government involvement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one basic question of economics?

What will be produced?
Who acquires what goods and services?
What resources are available?
What is the opportunity cost?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each type of economies answers the three basic questions of economics __________.

the same
differently

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some characteristics of a free market economy?

lack of choice, competition
individual choice, centrally-planned
competition, consumer sovereignty
central ownership of property, profit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?

traditional economy
command economy
free market economy
mixed economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name two characteristics of a command economy.

centrally-planned, profit
central ownership of property, lack of choice
competition, central ownership of resources
centrally-planned, consumer sovereignty

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name a country that has a command leaning mixed economy.

United States
Great Britain
Germany
N. Korea

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