Economics

All modern economies have what type of economic system?

• mixed

• command

• market

• traditional

In a _______ economy, decisions are made by producers (people) who try to satisfy consumers' demands.

• market

• command

• traditional

A pure market economy would be dangerous because there would be absolutely no rules enforced on businesses by the _________.

• people

• government

• customers

Who makes the decisions in a mixed, mostly market economy?

• Only the people

• Only the government

• Only their ancestors

• Both the people and the government

Which of these is an example of a traditional economy?

• tribes in Africa

• the Inuit in Canada

• the Aborigines in Australia

• All of these are examples

Who makes all the decisions in a command economy?

• the people

• the business owners

• the government

Which of these is NOT one of the three economic questions?

• what goods/services will be produced?

• How will the goods/services be produced?

• Who will consume the goods/services?

• Where will the goods/services be made?

A person who studies the economy is called a(n)?

• professor

• politician

• economist

• archaeologist

Which of the following is an example of a need?

• a Mercedes Benz

• jolly ranchers

• water

• school

What are the things we desire called?

• goods

• services

• wants

• needs