Chapter 2 Econ Review

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

Which of the following best explains a mixed economy?

• Private ownership of the factors of production and regulation of businesses by government

• Market exchanges answer all three of the big economic questions

• Family customs and traditions determine what and how to produce a good

• Government answers all three of the big economic questions

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

• Mixed

• Market

• Traditional

• Command

Which type of economic systems does Cuba and North Korea have?

• Traditional

• Command

• Market

• Mixed

What type of economic system do some villages in Africa and South America have?

• Traditional

• Command

• Market

• Mixed

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

Businesses have freedom to produce whatever they think consumers will buy

• Market

• Command

• Mixed

• Traditional

,In my country, the government tells me where to work.

• Traditional

• Command

• Market

• Mixed

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.

• Free Market
• Traditional
• Command