economy review for cultures

What is a free market economy?

• An economic system where prices are determined by the government

• An economic system where prices are determined by the open market

• An economic system where prices are determined by monopolies

• An economic system where prices are determined by supply and demand

What is a mixed economy?

• An economic system that combines elements of both capitalism and socialism.

• An economic system that only relies on capitalism

• An economic system that combines elements of both communism and fascism

• An economic system that only relies on socialism

What is a command economy?

• An economic system in which the government controls and determines the production of goods and services, but not the distribution and prices.

• An economic system in which the government only controls the production of goods and services, but not the distribution and prices.

• An economic system in which the government controls and determines the production, distribution, and prices of goods and services.

• An economic system in which individuals and businesses have complete control over the production, distribution, and prices of goods and services.

Which type of economy allows for the most individual freedom and private ownership?

• Planned economy

• Command economy

• Mixed economy

• Market economy

Which type of economy has a combination of government control and individual freedom?

• Mixed economy

• Command economy

• Free market economy

• Planned economy

Which type of economy has the government controlling all economic activities?

• Mixed economy

• Market economy

• Command economy

• Capitalist economy

In a free market economy, who makes the economic decisions?

• The government

• Individuals and businesses

• Foreign countries

• Non-profit organizations

In a mixed economy, who makes the economic decisions?

• Only private individuals or businesses

• Foreign countries

• Both the government and private individuals or businesses

• Only the government

In a command economy, who makes the economic decisions?

• Corporations

• Individuals

• Government or central authority

• Consumers

Which type of economy is most commonly found in democratic countries?

• Mixed economy

• Market economy

• Traditional economy

• Command economy