EC-907 Economic Systems

Which of the following is NOT one of the main types of economic systems?

• Strong arm

• Command

• Traditional

• Market

Economies try to answer these fundamental economic questions:

• What goods and services are to be produced?

• How are goods and services to be produced?

• For whom are goods and services to be produced?

• all of these

In a ___________ economy, decisions about production and consumption are made by the government.

• market

• mixed

• command

• free enterprise system

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

• Mixed

• Command

• Traditional

• Market

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

• mixed

• market

• command

• traditional

The elements found in ALL economic systems include

• Resources

• Markets

• Participants

• All of these are correct

The most common medium of exchange in modern economic systems is:

• Money

• Services

• Capital

• Credit

In a __________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.

• Socialist Command

• Mixed

• Communist Command

• Market

Government owns some basic means of production, but there is private ownership of business under:

• Mixed

• Market

• Communism

• Socialism

The way in which an economic system answers the basic economic questions depends upon the country’s:

• Goods

• Government

• Supplies

• Demands