Economics Final

Which economic system is being depicted in this image?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

What activity would find more common in a Traditional economy?

• Bartering

• Exchanging goods for money

• Stock Market

• Social Media

Which economic is also known as "Socialism"?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which economic system is also known as "Capitalism"?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Who is responsible for creating the economic system we call "Capitalism"?

• Adam Smith

• Thomas Malthus

• David Ricardo

• All of them

In which economic system will you see people growing and selling their own food, and the government providing food services like WIC and EBT?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which of the following economic philosophies is an extreme version of Socialism?

• Liassez Faire

• Democratic Socialism

• Marxism

• All of them

Which of the following countries uses a Mixed Economy?

• Cuba

• Iran

• USA

• North Korea

The economic system had a popular nick name "Trickle Down Economics"

• Reaganomics

• Command Economy

• Market Economy

• Traditional Economy

Identify this person. He believed in the 3 Natural Laws of Economics?

• Adam Smith

• Karl Marx

• John Locke

• Thomas Hobbes