Latin American Economics Review

Which is NOT one of the three basic economic questions?

• What to produce?

• How to produce it?

• For whom to produce?

• Where to produce it?

An economy where the government makes the basic economic decisions.

• command

• market

• traditional

An economy where decisions are made by individuals and businesses.

• command

• market

• traditional

An economy based on long-held customs, beliefs, or habits.

• command

• market

• traditional

An economic system that has elements of both command and market economies as well as traditional elements.

• blended economy

• mixed ecomomy

• jumbled economy

• diversified economy

Which type of economy is worst for competition among producers and consumers?

• command

• market

• traditional

• mixed

Which type of economy is best for consumers?

• command

• market

• traditional

• mixed

What is the most common type of economic system among countries today?

• command

• market

• traditional

• mixed

No food safety regulations, no medical/medicine safety regulations, no rules on price gouging, no labor laws, no minimum wage are all problems with a 100% ________ economy.

• command

• market

• traditional

• mixed

There would be no entrepreneurs, there would be limited choices, medications could be rare or hard to get are all problems with a 100% ________ economy.

• command

• market

• traditional

• mixed