AKS 54 Economic Systems

The type of economic system that can be found in Mexico and Brazil?

• command
• market
• traditional
• mixed

The type of economic system was used indigenous people?

• mixed

• market

• command

• traditional

Cuba would be closest to what economic system on the economic continuum?

• command
• mixed
• traditional
• market

Who makes economic decisions in a command economy?

• Consumers

• Government

• Based on Customs

• Producers

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used

• What to produce, how to produce, and for whom to produce?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

Which of the following would reflect a country with a mixed economy?

• Prices and wages are solely regulated by a country’s government.

• A combination of privately-owned industry and government

  control.

• A country’s distribution of resources is based on inheritance

• Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.