C2S2 - Command Economies

Which is another term for a command economy?

• traditional economy

• centrally planned economy

• mixed economy

• bureaucratic economy

Which allows no private ownership of property?

• socialism

• monarchy

• communism

• capitalism

Who wrote an economic study called Capital?

• Karl Marx

• Vladimir Lenin

• Adam Smith

• Friedrich Engels

Which of the following statements is an advantage of a command economy?

• Economic decisions are well guided.

• The economy attempts to provide for everyone.

• The economy is rarely short of needed goods.

• Economic decisions do not cause much suffering.

Which of the following nations has a command economy?

• Russia

• Japan

• Indonesia

• North Korea

What are some disadvantages of a command economy?

• Lack of competition and innovation

• Efficient resource allocation

• High consumer satisfaction

• Flexible pricing mechanisms