Types of Economies Quiz

Which type of economy relies on customs, and making goods to share with the rest of the group?

• market economy

• command economy

• mixed economy

• traditional economy

In a traditional economy, how do you know what work to do?

• You often do that same work as your parents and family

• You choose the work you want to do

• You do what will make the most money

• The government tells you what to do

Which word describes the ups and downs (growing and shrinking) of an economy?

• mixed economy

• business cycle

• recession

In a command economy, who makes decisions about what to produce and how much to produce?

• Consumers

• Government or central authority

• Producers

• Market forces

Who makes choices of what to buy and sell in a market economy?

• the ruler in charge

• the individual

• the community

• the family

Country A sells the wood it produces to Country B. This wood is country A's _______

• Export

• Import

What is the term used to describe a general increase in prices, where money buys less?

• recession

• deflation

• inflation

• stagflation

What is the term used to describe an economy that is shrinking or growing very slowly?

• recession
• boom
• inflation
• growth

The USA buys tropical fruits that it does not grow from other countries. These foods are the USA's _______.

• exports

• imports

• economy

Which of these is an example of a barrier to trade?

• Japan's government in the 1600s chose to cut off contact with other peoples

• The "Silk road" allowed Europeans to trade things like wool and gold for rare Asian spices and silks