Economic Systems Review

Which of the following is NOT one of the questions that ALL economic systems answer?

• What will we produce?

• How will we produce it?

• For whom will it be produced?

• When does production start?

In which economic system is ALL property owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is ALL property owned by the government ("for the good of the country")?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is some property owned by the government and some is owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is property collectively owned by the tribe or community?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do children already know what they'll be when they grow up because they will be trained to do what their parents and grandparents have done?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do people buy and sell goods and services with NO interference from the government?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system are rule-following and obedience to the government strongly enforced?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

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

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

• Traditional

• Command

• Market

• Mixed