Economic Systems Test (October 2018)

What type of economic system allows government and private businesses to make economic decisions?

• Market
• Mixed
• Traditional
• command

What type of economic system allows private (not the government) businesses to decide what to produce, how to produce and for whom to produce?

• Free Market
• Mixed
• Command
• Traditional

North Korea, who has a dictator that makes most of the economic decisions is what kind of economy?

• Traditional 
• Market 
• Command 
• Centrally Planned 

Command economies can not prevent mass unemployment

• True 
• False 

Definition of a consumer?

• a person who is responsible on paying their employees 
• a person who purchases goods and services for personal use
• a person who often travels 

_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.

Who is someone who makes goods or offers services to others?

• Consumer
• Producer
• Government

In a market economy, if your mom dad are both teachers, do you have to be a teacher?

• NO
• Yes
• Maybe

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?

• Mixed
• Market
• Traditional
• Command