Economy II

Which type of economy has central (government) ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy has the government making all decisions?

• Market
• Mixed
• Traditional
• Command

If I produce meat but, the government has to check to make sure it is up to the right standards to put on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

Individuals own resources and determine what and how to produce. 

• traditional
• command
• market
• mixed

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

In a command economy, who keeps all of the profits?

• Government

• Citizens

• Businesses

• None of the above

What type of economy does the United States have?

• Command

• Traditional

• Mixed

• Market

Owned by the government and paid for by tax money.

• Public

• Private

Another name for Buyer & Seller is?

• Taker and Giver

• Finder and Keeper

• Student and Teacher

• Consumer and Producer

_____________ establishes the monetary value of products in our economy

• The price system

• specialization

• voluntary exchange

• private property