Unit 5 Review

Which economic system is based on historical norms?

• Command

• Market

• Traditional

• Mixed

In which economic system does central planning take place?

• Command

• Market

• Traditional

• Mixed

In which economic system do producers and consumers rule?

• Command

• Market

• Traditional

• Mixed

Which economic system is driven by supply and demand?

• Command

• Market

• Traditional

• Mixed

Which measurement best indicates the economic growth of a country?

• average hourly earnings

• the Consumer Price Index

• the rate of new employment

• per capita Real Gross Domestic Product

Based on the information in the table, which nation had exports with the greatest value in 2014?

• India

• Indonesia

• South Korea

• Spain

What is an advantage of an economic system in which all decisions are made by a central government?

• People are free to make their own business decisions.

• Workers inherit their jobs directly from their parents.

• Individuals can earn profits by investing in businesses.

• Resources can be used to quickly address an emergency.

A command economy would best be placed at which point on the diagram?

• Point A

• Point B

• Point C

• Point D

Use the information to answer the question. North Korea has had a highly centralized economy for decades. Problems for its economy have included limited food supplies and poor living conditions. Small changes have been made to improve standards of living, such as allowing the sale of a larger variety of goods in marketplaces. Based on the information, North Korea has tried to improve its economy by introducing policies to

• decrease urban housing.

• reduce use of farmland.

• increase individual choice.

• strengthen government control.

Use the list to answer the question. Facts about Russia’s Economy: • has weak protection of private property rights • most industries are privately owned • energy and banking industries are owned by the government Based on the list, Russia’s economy is best described as

• mixed.

• command.

• traditional.

• free market.