POB Chapter 1.3 Review

Which of the following is an economic question? (select all that apply)

• What needs and wants will be satisfied with the goods and services produced?

• How will the goods and services be prduced?

• What goods and services will be produced?

• Who will receive the goods and services that are produced?

The goods and services that a country produces rely upon on the _____ that it has available.

• opportunity costs

• economics

• resources

• all of the above

A(n) ____ is the method a country uses to answer the 3 economic questions.

• economic resource

• economic system

• market economy

• opportunity cost

In the country of North Korea, a ____ economy is practiced where the resources are owned and controlled by the government.

• market

• traditional

• command

• mixed

When the resources like oil, gold, and timber are owned and controlled by the citizens of the country, it has a _____ economy.

• market

• traditional

• mixed

• command

In a ____ economy, goods and services are produced the way it has always been done.

• command

• mixed

• market

• traditional

In the context of global economies, a country like Canada is considered a ____ economy because it combines elements of both market and command economies.

• command

• market

• mixed

• traditional

In a remote village in Africa, the type of economy that is usually found is a ____ economy.

• mixed

• market

• command

• traditional

If a country's government decides how resources will be used, it has a ____ style economy.

• command

• market

• mixed

• traditional

The former Soviet Union operated under ______ for more than 70 years, during which consumers faced very limited choices and options for goods.

• free enterprise

• communism

• traditionalism

• capitalism