Economic Systems

The four types of economic systems are: (a)  

• Traditional, Command, Mixed, Communist
• Traditional, Command, Market, Mixed
• Communism, Capitalism, Market, Mixed
• Market, Capitalism, Mixed, Traditional

A command economy is when the government makes all economic decisions.

• True
• False

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

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What is an economic system where only the government makes the economic decisions?

• traditional economy

• free enterprise

• mixed economy

• command economy

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

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

• Traditional

• Market

• Command

• Centrally Planned

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

• Traditional

• Mixed

• Command

• Market

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

• Traditional

• Command

• Market

• Mixed

The government decides what to make and how to make it

• Traditional

• Command

• Mixed

• Market