Economic Systems (Final Exam) Pt. 2

What are the key economic questions?

• How to produce, when to produce, and for whom to produce

• What to produce, how to produce, and for whom to produce

• What to produce, when to produce, and how to produce

• How to produce, what to produce, and for whom to produce

Which economic system involves private ownership of resources and means of production?

• Capitalism

• Socialism

• Communism

• Feudalism

How is self-regulation achieved in a free market system?

• Through government intervention

• Through consumer choice

• Through central planning

• Through social welfare programs

What does the Circular Flow Model represent?

• The movement of money and resources between households and businesses; government regulates the "flow'

• The movement of money and resources within households

• The movement of money and resources within businesses

• The movement of money and resources between countries

Which economic system involves the ownership of resources and means of production by the state?

• Capitalism

• Socialism

• Communism

• Feudalism

Most European countries have a ​ (a)   , most American states like New York, California, Florida, and Texas have ​ (b)   , while village communities fall in line with a ​ (c)   and Russia, North Korea, and Cuba represent a ​ (d)  

• Mixed economic system
• Capatilist
• Demand economic system
• rainbow economic system
• white economic system
• A market economic system (Capatilist)
• Traditional economic system
• Command/planned economic system.