Unit 2 - Review

Select all of the following which are economic systems

• Mixed

• Command

• Home

• Traditional

In which of the economic systems does the government answer all three economic questions

• Market

• Command

• Traditional

• Mixed

In which economic system is the government only involved as a referee?

• Mixed

• Command

• Market

• Traditional

In which economy are things done "as they have always been done" with change happening very slowly?

• Mixed

• Market

• Command

• Traditional

Which is the closest example to a market economy?

• China

• North Korea

• United States

• New Zealand

Mixed economies exist on a ________

Which economic system combines characteristics of market and command economies

• Market

• Command

• Mixed

• Traditional

North Korea is a close example of which type of economic system

• Mixed

• Command

• Market

• Traditional

This type of person takes high risks to get the high rewards of starting a new business

• Business person

• Entrepreneur

• Stock broker

• None of the above

What are rewards given to encourage positive behaviors?

• Positive incentives

• Negative incentives