Economic Systems Quiz

Which type of economy is characterized by families being responsible for the production of goods and services they need?

• Mixed

• Traditional

• Command

• Market

In which type of economy are all production decisions made by a small group of political leaders?

• Traditional

• Command

• Market

• Mixed

Which type of economy is based on independent production decisions in a free marketplace?

• Mixed

• Market

• Command

• Traditional

What is the real-life example of a Command economy?

• United States

• North Korea

• Canada

• Cuba

Which country's economy integrates the best features of all three other types of economic systems?

• Cuba

• Canada

• United States

• North Korea

What is the term used for the economic system that allows for state-owned elements and free enterprise?

• Traditional

• Command

• Mixed

• Market

Which type of economy represents a decentralized, everyone for themselves economy?

• Mixed

• Command

• Traditional

• Market

What is the term used for the economic system that follows the supply and demand system?

• Traditional

• Command

• Mixed

• Market

Which type of economy allows for government-run social programs and free enterprise?

• Traditional

• Mixed

• Command

• Market

What is becoming a growing practice in Canada, demonstrating elements of the traditional economy?

• State-owned elements

• Government-run social programs

• Growing your own food and bartering

• Independent production decisions