What is Economy?

In a command economy decisions about what, how, and for whom to produce are determined by

• the government
• supply and demand
• cultural traditions 

In a market economy decisions about what, how, and for whom to produce are determined by

• the government
• supply and demand
• cultural traditions 

A country can increase its human capital by investing in 

• education for its citizens
• new machinery for factories
• railroads and airport

Which of these is found in a market economy but not in a command economy?

• Competition
• Goods and Services
• Consumers and Producers

In which economic system are economic decisions made by the interaction of buyers and sellers?

• Traditional
• Command
• Market

During World War II, Australia stopped all trade with Japan because the countries were on opposite sides of the war.

• Tariff
• Quota
• Embargo

Which economic system is also called a "planned economy"?

• Traditional
• Command
• Market

Which economic system gives consumers access to the most goods and services?

• Traditional
• Command
• Market

In a traditional economy decisions about what, how, and for whom to produce are determined by

• the government
• supply and demand
• cultural traditions 

Human capital includes the ____________ people use to produce goods and services.

• raw material
• factories, machines, and technology
• skills, knowledge, and experiences