SS 7 CG 3 15

A command economy is characterized by which of the following?

• High levels of competition among businesses

• Minimal government intervention in economic decisions

• Government making all economic decisions

• Consumer preferences determining production

Which of the following best describes a mixed economy?

• An economy where all decisions are made by the government.

• An economy that operates without any government intervention.

• An economy that incorporates elements of both market and command economies.

• An economy where decisions are made solely through market forces without any regulation.

Who owns the factors of production in a command economy?

• Individual buyers

• Private individuals

• The state

• Individual sellers

Which economic system is based on collective well-being and strengthening the state?

• Market economy

• Command economy

• Capitalism

• Socialism

What provides the incentive to create and work in a market economy?

• The state's power

• Collective well-being

• The potential for profit

• Obligatory work on behalf of the state

What does a "Free market" economy imply?

• An economy with high government regulation and control over production

• An economy free of government regulation, with low taxation, and private ownership of the means of production

• An economy where the government owns all means of production and supply

• An economy with a focus on equal distribution of resources among citizens

Which economic system is characterized by private individuals owning and controlling most of the factors of production?

• Command economy

• Communism

• Capitalism

• Consumerism

What is a command economy?

• An economy where market forces determine prices and incomes

• An economy where individuals have complete freedom of production

• An economy where a central government controls production, investment, prices, and incomes

• An economy based on the principles of free trade and globalization

What term is used to describe the method by which a society or government organizes the production and distribution of resources, goods, and services?

• Economic indicators

• Economic freedom

• Economic systems

• Factors of production

What does 'standard of living' refer to?

• The amount that is produced

• How well people live in terms of income and wealth

• The ability of citizens to make economic choices

• The study of the production, distribution, and consumption of goods and services