In a traditional economy, how is the question "What to produce?" typically answered?

• By consumer demand

• By government planning

• By cultural traditions and customs

• By private business owners

In a command economy, who primarily decides how goods and services are produced?

• Private businesses

• Consumers

• The government

• Individual entrepreneurs

In a market economy, "For whom to produce?" is determined by:

• Social equality

• Government quotas

• Consumer purchasing power

• Traditional roles

Which type of economy relies on supply and demand to determine production?

• Command economy

• Market economy

• Traditional economy

• Mixed economy

How does a traditional economy decide "How to produce?"

• Using advanced technology

• Based on cultural and historical methods

• Through government mandates

• According to business efficiency standards

A major weakness of a command economy is:

• Lack of innovation and consumer choice

• Overproduction of goods

• Inefficient resource allocation

• High levels of competition

In a market economy, what determines the allocation of resources?

• Government intervention

• Cultural traditions

• Profit and competition

• Family heritage

In which economy does the government make all decisions regarding production and distribution?

• Market economy

• Mixed economy

• Command economy

• Traditional economy

Which economic system blends characteristics of both market and command economies?

• Traditional economy

• Mixed economy

• Command economy

• Socialist economy

The United States' economy is best described as:

• Pure market economy

• Mixed economy leaning toward market

• Pure command economy

• Traditional economy