Unit 2 Macroeconomics Issues and Policies

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

If I choose to be a fisherman for my town because my father was a fishermen, and my grandfather was a fisherman what economic system is this?

• Mixed

• Market

• Traditional

• Command

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Mixed

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

What are the six pillars of the U.S. economy?

This is paid to the Government once a person's income passes a set amount. 

• Fees
• Wages
• Tax
• Salary

As taxable income increases, income tax rates ____

• increase
• decrease
• stay the same
• could go either way

Taxes are collected by

• Businesses

• Parents

• Foreign countries

• Government

Who pays taxes

• You

• Adults

• Immigrants

• Everyone