Economic Systems Assessment

How do economic goals shape government priorities and actions?

• By defining priorities

• By providing a way to keep score

• By defining economic systems

• By providing written documentation

What is an economic system?

• A way to troubleshoot failing economies.

• A market in which individuals can buy or sell equities from publicly traded companies.

• The computer system that tracks and monitors how an economy is functioning.

• The way in which a society organizes the production, distribution, and consumption of goods and services.

What is another name for a Pure Market system?

• Capitalism

• Socialism

• Communism

• Marketism

Which economic system relies on individuals and businesses making production and consumption decisions based on their own self-interest, with limited government intervention?

• Command economy

• Market economy

• Mixed economy

• Traditional economy

In a command economy, such as a planned socialist economy, who typically makes decisions about what goods and services to produce, how much to produce, and at what prices they will be sold?

• Private businesses and individuals

• Central government authorities or planning agencies

• Consumers through their purchasing decisions

• International organizations like the United Nations

Which economic system combines elements of both market and command economies, allowing for some government intervention while also permitting private ownership and market-driven economic activity?

• Traditional economy

• Market economy

• Mixed economy

• Planned economy

How does the U.S. free enterprise system encourage economic growth?

• Through strict government regulations

• By limiting access to education and training

• Through competition and investment in new technologies

• By controlling the distribution of wealth

What is the private enterprise system?

• A system that emphasizes government control

• A system that de-emphasizes private ownership

• A system that emphasizes private ownership and control of businesses and resources

• A system that seeks to reduce reliance on market forces

What is a monopoly?

• A system of government with multiple rulers

• A system of government with a single ruler

• Exclusive ownership through legal privilege or command of supply

• Exclusive ownership through democratic elections or public support

How are the three economic questions answered in a traditional economic system?

• The government controls all the economic decisions made

• The citizens vote on economic decisions made

• There is total anarchy and people riot and loot everything

• Economic decisions are made based on customs and beliefs