market Economy

Which of the following items is found in all economic systems:

• Technology
• Participants
• Subsistence
• Dollars

The most common medium of exchange in modern economic systems is

• barter.
• capital.
• credit.
• money.

One of the reasons that a country needs an economic system is because it

• is independent of other nations
• has limited wants and needs.
• has a limited supply of resources.
• has immigrants from several countries.

Which of the following types of economic systems adopts the fewest new ideas or improvements:

• Command
• Socialist command
• Market
• Traditional

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

• traditional
• market
• socialist command
• communist command

Government owns the basic means of production, but there is some private ownership of businesses under

• communism.
• capitalism.
• socialism.
• entrepreneurship.

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

• market
• traditional
• socialist
• communist

An example of a country that has a socialist command economy is

• Japan.
• Sweden.
• China.
• North Korea.

Which of the following cultures has a traditional economic system:

• Amazon Rainforest communities
• Villages in the Rocky Mountains
• Rural areas in Denmark
• The Republic of Cuba

A country that currently has a communist command economic system is

• Japan.
• Denmark.
• North Korea.
• India.