Chapter 2 Econ Review Sheet

Traditional economies revolve around the family unit.

• TRUE

• FALSE

A free market doesn’t encourage growth.

• TRUE

• FALSE

In a centrally planned economy the government doesn’t make the decisions.

• TRUE

• FALSE

The economy of the United States can be described as mixed but more like a free market.

• TRUE

• FALSE

Low unemployment due to guaranteed jobs could be a positive aspect of a centrally planned economy.

• TRUE

• FALSE

The Soviet Union and China can be linked to communism and central planning.

• TRUE

• FALSE

The free market has dominated the United States, the United Kingdom, Singapore.

• TRUE

• FALSE

A product market is the market in which households purchase the goods and services that firms produce.

• TRUE

• FALSE

Most countries have some version of a mixed economy.

• TRUE

• FALSE

North Korea has a mixed economy.

• TRUE

• FALSE