Review Chapter 5 Test

Which of these is NOT one of the 3 questions that every economic system answers for the people that it serves?

• What will we produce

• How will we produce it?

• How much

• Who gets it?

What is the difference between market economies and planned economies

• Number of people in them

• How products are sold

• Who owns and controls the factors of production

• Who owns and controls the country's exports

Pick the 2 countries that have come the closes to being completely communist

(choose 2)

• Cuba

• China

• USSR

• Argentina

A _______ _______ is completely controlled by the government

(2 words, all lower case with a space in between)

(a)  

A free market economy can also be called a what kind of economy?

• Command

• Capitalist

• Planned

Which of these is an extreme example of command economy?

• North Korea

• New Zealand

• Germany

• Russia

Which of these is an extreme example of a free market economy?

• New Zealand

• North Korea

• The USA

• Iceland

What level of economic activity is it when you are gathering raw materials, generally from the earth?

( one word, all lowercase)

(a)  

What level of economic activity is it when raw materials are taken to a factory in order to be processed?

(1 word, lowercase)

(a)  

What level of economic activity is it when you are selling products at a storefront?

(1 word, lowercase)

(a)