Economic Systems and Government

Which economic system is most likely to use supply and demand to determine the prices of goods and services?

• Command Economy

• Traditional Economy

• Market

• Mixed Economy

True or false?

In Greek, oligarchy means rule by the people.

• True

• False

• Rule by the wealthy

• Rule by the few

True or false?

Monarchs are born into power and can rule in an absolute or constitutional monarchy.

• True

• False

• Sometimes

• Only in absolute monarchies

True or false?

Power belongs to a dictator in a democracy.

• True

• False

• Sometimes

• Only during elections

The word "social" is often used when referring to concepts related to people and ____________.

• society

• economy

• technology

• environment

Which type of government is also called an Authoritarian government? 

• Democracy

• Monarchy

• Dictatorship

• Oligarchy

True or false?

Today, most countries would call their economic system a mixed economy. 

• True

• False

• Partially true

• Not applicable

In which economic system are factors of production controlled by culture, beliefs, and habits of a society?

• Traditional

• Market

• Command

• Mixed