Chapter 2 Test

What type of system do Nomadic herders in the Andes have?

• Command

• Traditional

• Market

• Mixed

A market system is also called

• communism

• capitalism

• socialism

• marxism

The United States has which type of economic system.

• command

• market

• mixed

• traditional

Do we live in a traditional economy?

• Yes

• No

In a ​ (a)   , the three basic economic questions of what to produce, how to produce, and for whom to produce are answered in the same way they have been for generations.

• traditional economy
• command econnomy
• socialism
• mixed economy

A market economy has ____ ownership of property and resources.

• private
• government
• tribal

What is the most common economic system today?

• command
• mixed
• traditional

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed