Chapter 2 Economics

A command economy is when the government is in control.

• True
• False

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

In which type of society would we most likely find a traditional economic system?

• a major city
• an established country
• rural and under-developed territory
• all of the above

This type of government typically goes with the Command Economy.  

• Democracy
• Republic
• Autocracy
• Communism

There are four types of economic systems.  Most economies are _____. 

• Traditional 
• Command 
• Market 
• Mixed

This economic system discourages new ways of doing things

• Traditional
• Market
• Command
• Mixed

Profit does not have great importance in deciding what to produce in this economic system

• Mixed
• Market
• Command

One guy owns a car factory 

• Socialism
• Communism
• Capitalism

Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?

• Land 
• Labor  
• Capital  
• Entrepreneurship

It is possible for socialism to exist in a democracy.

• True
• False