Unit 9 Review

Which of the following is NOT one of the three basic economic questions?  

• What to produce?

• Why are we producing this?

• How to produce it?

• For whom to produce for?

Which economic system is driven by competition and innovation?

• market economy

• command economy

• traditional economy

• mixed economy

Which economic system does the government decide who gets goods and services?  

• market economy

• command economy

• traditional economy

• Mixed economy

Which economic system is based heavily on agriculture, trading/bartering, hunting, and gathering?  

• market economy

• command economy

• traditional economy

• mixed economy

Which economic system splits goods and services equally among ALL members?

• market economy

• mixed economy

• traditional economy

• command economy

Which economic system has private land and resource ownership, free markets, encourages competition, and has some government regulations?  

• market economy

• command economy

• traditional economy

• mixed economy

Which economic system is fairly stable because people produce and trade based off of what their ancestors and previous generations produced? This economic system is cyclical and does not have a lot of innovation.  

• market economy

• command economy

• traditional economy

• mixed economy

Which of the following is a characteristic of a “Pure” Market Economy?  

• No government regulations or involvement in the economy.  

• The government has complete control over the economy.

• Some government regulations over the economy.

• None of these.

Which of the following is a characteristic of a Command Economy?

• universal services, like health care, guaranteed to all citizens and provided by the government 

• Limited access to resources and goods

• Free market competition between businesses

• Private ownership of the means of production

Market demands and product popularity determine what is produced in a

• traditional economy

• market economy

• mixed economy

• command economy