SS7E7-SEA Economic Systems

Why do most countries fall somewhere between a market and a command economy?

• Some government control has never been successful.

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to free market.

• Most countries have found they need a mix of free market and government control to be successful.

In a command economy, economic decisions are made by the

• consumers.

• market.

• government.

• producers.

What type of economy does North Korea have?

• Market

• Command

• Market

• Mixed

Every country must answer these basic questions when developing its own economic plan EXCEPT

• what goods or services will be produced?

• how will goods or service be produced?

• will this make our country rich?

• Who will consume the goods or service?

The economies of China, India, and Japan can all best be described as:

• traditional

• market

• command

• mixed

Which country's economy has grown steadily since WWII ended?

• China

• India

• Japan

• North Korea

Which is the freest economy we have been studying?

• China

• India

• Japan

• South Korea

Who has the largeset and fastest growing economy in the world?

• China

• India

• South Korea

• Japan

________________ is half way between Free Market and Command on the continuum.

• North Korea

• South Korea

• India

• Japan

Which of these nations' economies is MOST similar to a pure command economy?

• China

• India

• North Korea

• South Korea