Economic System

What is the driving force in the US economy?

• Government

• Banks

• Entrepreneurship

• Freedom choice

Which economic system is typically centered on the family or clan?

• Traditional

• Command

• Market

• Mixed

A country has a reputation of poor quality products. Which economic system is the country most likely operating under?

• Traditional

• Command

• Market

If the time it takes a company to make its product increased from the previous year, then the company's productivity is:

• Increasing

• Decreasing

• Not changing

An increase in a country's productivity generally indicates a(n) ______________ in the country's standard of living.

• increase

• decrease

• no change

What is the most widely used economic system in the world?

• Traditional

• Command

• Market

• Mixed

An economic system must answer how many basic economic questions?

• two

• three

• four

• five

At how many workers does the point of diminishing returns occur?

• Two

• Three

• Four

• Five

• Six

Which economic system has a central authority make all of the economic decisions?

• Traditional

• Command

• Market

At how many workers does the production system shown in the table become MOST efficient?

• Two

• Three

• Four

• Five