Economic Systems

In which economic system is the protection of private property rights essential?

• Command

• Traditional

• Market

• Socialism

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

• Command

• Socialism

• Market

• Traditional

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

• competition

• private property rights

• voluntary exchange

• consumer soverignty

An economic system in which individuals and businesses make decisions about what to produce.

• Market economy

• Mixed economy

• Communism

• Command economy

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

• Traditional

• Command

• Market

• Mixed

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

• Entrepreneurship

• Economic Freedom

• Perfect competition

• Governmental regulation

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