Types of Economies Quiz Review

What are the 3 basic economic questions?

• What should be produced? How should it be produced? How much will it cost?

• What should be produced? How should it be produced? For whom will it be produced?

• How much will it cost? Did I make a profit? Where will I produce my goods?

In the United States, our economy is ______.

• Traditional

• Command

• Market (Free Enterprise)

• Mixed

Which economic system rewards innovcation and has cutting-edge technology to create better goods and services?

• Traditional

• Command

• Market

• Mixed

Capitalism and Free Enterprise are also known as ____ economic system.

• Traditional

• Command

• Market

• Mixed

In which type of economy, does the government set the prices of goods and services?

• Traditional

• Command

• Market

• Mixed

Economic systems are created to deal with ______.

• pollution

• scarcity

• services

• poor governments

In a ____ economy, the customs of the past are used to decide what and how goods are produced, distributed, and consumed.

• Traditional

• Command

• Market

• Mixed

Which type of economy has these characteristics:

a. both market and command economy

b. industries supported by government can become a monopoly

c. most efficient producers are rewarded with the highest profit

• Traditional

• Command

• Market

• Mixed

In a ___ economy, goods and services are privately owned and prices are based on supply and demand and there is little or no government control over the economy.

• Traditional

• Command

• Market

• Mixed

Which economy is the opposite of a market economy?

• free enterprise

• capitalism

• free market

• command