Unit 2: Economics

Who is considered the Father of Economics?

• John Maynard Keynes

• Milton Friedman

• Adam Smith

• Karl Marx

Which of the following is NOT one of the three economics questions?

• What to produce?

• When to produce?

• How to produce?

• For whom to produce it for?

Which of the following is the oldest economic system?

• Command

• Traditional

• Classical

• Free-Market

Adam Smith believed in which economic system?

• Command

• Traditional

• Free-Market

• Mixed

Karl Marx's theories led to the creation of this economic system.

• Command

• Traditional

• Free-Market

• Mixed

Under which economic system does the government alone answers the 3 economic questions?

• Command

• Traditional

• Free-Market

• Mixed

Most of the world operates on this economic system.

• Command

• Traditional

• Free-Market

• Mixed

In this economic system only the individuals and businesses answer the 3 economic questions.

• Command

• Traditional

• Free-market

• Mixed

This economic system combines elements of a command economy and a free-market one.

• Command

• Traditional

• Free-market

• Mixed

In this economic system there is no private property.

• Command

• Traditional

• Free-market

• Mixed