Economic Systems Quiz

With which term is a command economic system MOST closely associated with?

• Entrepreneurship

• Economic Freedom

• Perfect competition

• Governmental regulation

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

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.

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In this type of economy, the individual decides who to sell their products to.

• Traditional

• Mixed

• Free Market

• Command

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Planned/command

• Mixed

• Free Market

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.

• Traditional 
• Free Market
• Mixed
• Command

Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality. What economic system best describes this situation?

• Free Market

• Command

• Traditional