Economic Systems

What is the main characteristic of command economies?

• Centralized government planning

• Decentralized decision-making

• Government regulation and intervention

• Private ownership of resources

Which country has a mixed economy with a strong private sector but government regulation in certain industries?

• United Kingdom

• United States

• Singapore

• Canada

In market economies, what determines what, how, and for whom goods and services are produced?

• State ownership

• Private ownership

• Supply and demand

• Government planning

What is a key feature of mixed economies?

• Centralized government planning

• Private ownership alongside state-owned enterprises

• Decentralized decision-making

• Extensive individual economic freedom

Which country has an economy driven by market forces with minimal government interference?

• United States

• Singapore

• Canada

• United Kingdom

What is the main characteristic of market economies?

• State ownership of resources

• Decentralized decision-making

• Government regulation and intervention

• Centralized government planning

Which country has extensive government control over the economy, deciding what is produced and how resources are allocated?

• North Korea

• United Kingdom

• Singapore

• Canada

What is a key feature of command economies?

• Extensive individual economic freedom

• Centralized government planning

• Decentralized decision-making

• Private ownership alongside state-owned enterprises

Which country combines market principles with government intervention, particularly in areas like healthcare and education?

• United Kingdom

• Singapore

• United States

• Canada

In mixed economies, what allows for private ownership and market forces while the government also plays a role in economic planning and regulation?

• Private ownership

• Government planning

• Government regulation and intervention

• Supply and demand