Freedom of choice and competition are most commonly associated with which type of economic system?

• Command (Centrally Planned)

• Market

• Traditional

• Mixed

Tags

Economic Systems

DOK 1

The government owns all the resources

and the government answers the three economic questions are two characterizations of what type of economy?

• Command (Centrally Planned)

• Free Market

• Mixed Economy

• Traditional

Tags

Economic Systems

DOK 1

Which of the following is a common role of government in a mixed economy?

• Guarantee that all incomes are equal

• Prevent regulators from interfering with markets

• Provide public goods

• Set production quotas

Tags

Economic Systems

DOK 1

Select the three economic questions that must be answered to determine an economic system.

• What goods and services should be produced?

• How should these goods and services be produced?

• Who consumes these goods and services?

• Where are your goods and services produced?

Tags

Economic Systems

DOK 1

The way in which a society answers the three basic economic questions determines its:

• Market Structure

• Political system

• Marketing system

• Economic system

Tags

Economic Systems

DOK 1

Private ownership and voluntary exchange are characteristics of which type of economic system?

• Command

• Traditional

• Market

• Planned

Tags

Economic Systems

DOK 1

Which term below is a command economy most commonly associated with?

• Capitalism

• Government regulation

• Competition

• Private property

Tags

Economic Systems

DOK 1

The concept of the invisible hand refers to which of the following?

• Congress passing a new law

• Government regulation

• Individuals seeking their own self-interests

• The Federal Reserve adjusting interest rates

Tags

Invisible Hand

DOK 1

A mixed economy allocates resources through

• demand, but not supply.

• by bartering.

• government directives only.

• supply, demand, and government intervention.

Tags

Economic Systems

DOK 1

Which of the following is a common role of government in a market economy?

• Provide public goods

• Own the factors of production

• Prevent competition

• Encourage central planning

Tags

Economic Systems

DOK 1