Economic Systems Unit Exam Review

The Aborigines of Australia have a strong system of tradition. They work together to farm, hunt, and gather. What type of economic system is this?

• Traditional

• Command

• Market

• Mixed

North Korea has a dictator who controls all economic decisions. The individuals have no say. What type of economic system is this describing?

• Traditional

• Command

• Market

• Mixed

The government decides the role everyone will play

• Traditional

• Command

• Market

• Mixed

The government has set the price of milk to $3.99 based on quotas. What type of economic system is this describing?

• Traditional

• Command

• Market

• Mixed

Combines elements of pure market and command economies

• Traditional

• Command

• Market

• Mixed

The government does not intervene.

• Traditional

• Command

• Market

• Mixed

The United States government guides and regulates our food industries, but individuals own businesses. What type of economic system is this describing?

• Traditional

• Command

• Market

• Mixed

A car company is solely concerned with their profits. Their country’s economy is often called “capitalist.” What type of economic system is this describing?

• Traditional

• Command

• Market

• Mixed

In many countries the government works to protect consumers and producers from unfair policies and practices. What type of economic system is this?

• Traditional

• Command

• Market

• Mixed

Purpose of a business is to provide goods and services, not to make a profit

• Traditional

• Command

• Market

• Mixed