Unit 2: Free Enterprise and Economic Systems Quiz

Which economic system relies on habit, custom, or ritual to decide the three key economic questions?

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

In which economic system does the government make all decisions on the three key economic questions?

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

What is property that is owned by individuals or companies, not by the government or the people as a whole?

• Private Property

• Public Property

• Government Property

• Collective Property

Which economic system has some market-based elements and some level of government involvement?

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

The principle that government should take a “hands-off” approach in a Nation’s economy?

• Laissez-Faire

• Command Economies

• Economic Transition

• Self-interest

Competition is a characteristic of which economy? 

• Traditional

• Free Market

• Command

• Competition plays no role

Externalities can be...

• Positive

• Negative

• Both

• None of the above

Communism and Socialism both try to achieve, what?

• Economic Efficiency

• Economic Freedom

• Economic Equity

• Economic Profit

Most Economies today are

• Command

• Market

• Mixed

• Free Enterprise

What type of economy is the United States?

• Mixed

• Traditional

• Command

• We don't have a type of economy