Economic Systems

Which economic goal does NOT belong is a command system?

• Equity

• Stability

• Efficiency

• Security

Economic system where individuals (producers and consumers) answer the three basic economic questions:

• Market

• Command

• Traditional

• Modern or Mixed

Economic system where the government answers all three basic economic questions:

• Market
• Command
• Traditional
• Modern or Mixed

Economic system where tradition, customs, and values answer the three basic economic questions:

• Market
• Command
• Modern or Mixed
• Traditional

A fishing village would be an example of which economic system:

• Market
• Command
• Free Enterprise
• Traditional

North Korea employs which kind of economy:

• Free Enterprise
• Traditional
• Command
• Capitalism

All four Economic Systems are components of the____________________:

• World Wide Web
• Global Economy
• G8
• Microeconomics

Which of the following is NOT one of the 3 key economic questions?

• Who will consume the goods
• How much to charge for the goods
• What goods should be produced
• How should the goods be produced

The terms Command Economy, Centrally Planned Economy and Communism are all synonymous and can be used in place of each other.

• True
• False

The terms Free Market, Pure Market, and Capitalism are all synonymous and can be used in place of each other

• True
• False