Economic Systems for WMS

No government involvement is a characteristic of which Economic system?

• Traditional

• Command

• Market

• Mixed Market

A product of the earth (gifts of nature) people use to meet their needs is a

• quota

• natural resource

• economic system

• trade barrier

A limit on the number of items of a particular product that can be imported into a country is known as

• tariff

• supply

• quota

• embargo

If a country was communist it would have this type of economic system.

• Traditional

• Mixed Market

• Market

• Command

Which is not a basic question a country must answer to determine what economic system they have.

• What to produce?

• How to produce?

• How much to produce?

• For whom to produce?

Which trade barrier sets up a complete ban on trading between countries?

• Tariff

• embargo

• quota

• scarcity

How are goods and services exchanged in a traditional society?

• scarcity

• credit cards

• government regulation

• bartering

Economic decisions in a command economy are made by

• people

• government

• ancestors

• producers

Which is an example of investing in human capital?

• education

• roads

• factories

• machinery

In a command society who owns the resources?

• people

• government

• private businesses

• no one