Module 5 Review

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

• Traditional

• Command

• Market

• Mixed

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

• Traditional

• Command

• Market

• Mixed

Which of the following BEST describes a market system?

• The government provides services, such as telephones and television.

• A person can start any legal business and charge any price.

• The government provides food and housing to all workers.

• Businesses are owned by the government.

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

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.

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

• Traditional

• Market

• Command

• Centrally Planned

To trade goods

• Taxes

• Barter

• Service

• Producer

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed

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

• Traditional 
• Mixed
• Command 
• Market

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity