Economic Systems Quiz

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

• Mixed

• Market

• Command

• Traditional

In a Command economy, who makes all production decisions?

• Business owners

• Consumers

• Political leaders

• Labor unions

What type of economy is characterized by independent production decisions in a free marketplace?

• Command

• Mixed

• Traditional

• Market

Which country is an example of a Market or Mixed economy?

• United States

• Canada

• Cuba

• North Korea

What is the main characteristic of a Mixed economy?

• Decentralized production by families

• Integration of best elements from other types of economies

• Private ownership of factors of production

• Government controls all factors of production

Which type of economy allows for state-owned elements as well as private ownership?

• Command

• Market

• Mixed

• Traditional

What is a feature of the Command economy?

• Independent production decisions

• Bartering and growing own food

• Government-run social programs

• Free enterprise

What represents elements of the command economy in Canada?

• Free enterprise in all areas

• Government-run social programs

• Private ownership of land

• Decentralized production by families