Economics Review Quiz

_____________ economies are based on customs and historical precedent.

• Command

• Free Market

• Traditional

__________ economies generally do not produce goods for other nations.

• Free market

• Command

• Traditional

• Mixed

Pure free market economies exist in many places throughout the world.

• True

• False

Which of the following answer choices is NOT representative of a free market economy?

• private ownership of property and resources

• competition

• individual choice

• a significant amount of government control

Who believed free market economies were best for organization economies?

• Karl Marx

• Adam Smith

• Joseph Stalin

• John Locke

Who believed that property and profits must be equally shared among all individuals?

• Alexander Hamilton

• Adam Smith

• Karl Marx

• John Locke

Which type of economy is centrally controlled by a strong government?

• Free market

• Command

• Traditional

• Mixed

A command economy, like the modern example of North Korea, is the opposite of a free market economy.

• True

• False

The United States is a __________ economy.

• Command

• Mixed

• Free Market

The People’s Republic of China is a command economy.

• True

• False