Sumlin's Economic Systems Quiz 2020

What economic system allows the most economic freedom?

• mixed

• market

• command

• traditional

The former Soviet Union, Cuba and China are examples of what economic system?

• traditional

• market

• mixed

• command

What are the THREE economic questions?

• When to produce, how to produce and for what people?

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

• What to produce, how to produce and when to produce?

• How to produce, when to produce and for what reason?

Which economic system has the most government control?

• market

• mixed

• traditional

• command

Which economic system is based upon customs, beliefs and the past?

• traditional

• market

• command

• mixed

What is scarcity?

• Unlimited wants and unlimited resources

• Unlimited wants, but limited resources

• An economic system

• Large supply of needs and wants

Which one is NOT an economic system?

• Command

• Market

• Mixed

• Communist

Which system allows producers and consumers to make the economic decisions, but is subject to government regulation?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

In a traditional economy what system is used to exchange goods?

• Currency

• Bartering

• Trading

• They do produce enough to sell

Autocratic governments would have this type of economy..

• traditional

• market

• command

• mixed