Quiz #3: Economic Systems & Market Structures Quiz Retake

Which of the basic economic systems allow producers and consumers to control most aspects of the economy?

• Market

• Command

• Mixed

• Traditional

Which of the following is the correct definition of a mixed economy?

• the least popular type of economy

• an economy totally controlled by the government

• an economy that has elements of both a command and market economy

• the economic system that only a select few countries in the world have

Let's say a zombie apocalypse breaks out. Which of the following would be considered a command solution?

• the government deploys the military to destroy the zombies

• a private company deploys a militia to destroy the zombies

• a business comes up with the vaccinne for the zombie virus

• private contractors come up with a task force to address the crisis

The game of monopoly mirrors real life monopolies because players buy up properties until they are the sole owner of those properties; real life monopolies make it to where they are the only firm participating in the market. Which of the following is another feature of real life monopolies?

• Has the most competition

• Complete control over price

• Lowest barriers to entry

• Firms need to differentiate their products

How many firms are involved in a monopolistic competition?

• 1

• 2 - 4

• 15 - 20

• More than 20