Economic Geography Quiz

Which of the following is one of the three basic economic questions?

• What to produce?

• Where should factories be located?

• How much should employees be paid?

• How should government reduce inflation?

An economic system in which people choose freely what to buy and sell

• Market economy

• command economy

• traditional economy

An economic system in which the government decides what to produce, where to make it, and what price to charge

• market system

• command system

• traditional system

• free enterprise

What is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services?

• Government

• Scarcity

• Economy

• Population

Capital is the tools and facilities needed for production

• True

• False

Traditional economies are in mostly hunter-gatherer societies

• True

• False

Trading food for clothes is an example of______

• Free Market

• Capitalism

• Free Enterprise

• Bartering

In a traditional economy, the exchange of goods is done through

• cash transactions

• credit cards

• bartering

• debit

Which of the following does NOT have a traditional economy?

• Villages in Africa and South America

• USA

• The Inuit tribes in Canada

• The Aborigines in Australia

Which of the following is NOT a characteristic of a Market Economy?

• Private Ownership

• Minimal Government

• Profit is the motive

• Complete government control