Social 30-2 Economic systems

True or False?

Governments decide which economic system will best address the economic needs of their citizens.

• True

• False

True or False?

There is only understanding on how to define economic equality.

• True

• False

An economic system exists to solve the problems of __________ and choice.

• inequality

• scarcity

• self-interest

• competition

True or False?

Economic values of collectivism and individualism are similar and both try to meet the needs of the people in the same way.

• True

• False

An economic system where the government decides what & how goods are produced as well as to whom they will be sold to is:

• mixed

• free-market

• centrally planned

• laissez-faire

Which of the following is/are characteristics of a mixed economy? (select all that apply)

• government is involved with how goods are produced

• individual are involved with how goods are produced

• both government & individuals decide what should be produced

• government provides a social safety net

Which economic system values equality of opportunity?

• free-market

• command

• centrally planned

• mixed

Which economic system(s) would favor a progressive tax system? (select all that apply)

• free-market

• centrally planned

• laissez-faire

• mixed

Which economic system would likely favor minimum wage?

• free-market

• command

• mixed

• centrally planned

Which economic system relies on supply and demand for what & how goods & services are produced?

• command

• centrally planned

• free-market

• mixed