Let's Review - Economic Questions and Systems

Fill in the blank: Every country must answer the following question when developing its economic plan: What ______/services will be produced?

• goods

• people

• machines

• laws

Fill in the blank: Every country must answer the following question when developing its economic plan: How will goods/services be ______?

• produced

• sold

• priced

• advertised

Fill in the blank: Every country must answer the following question when developing its economic plan: Who will ______ the goods/services?

• consume

• produce

• transport

• advertise

The way a country answers the three economic questions determines its economic system. Which of the following is NOT one of the economic systems mentioned?

• Traditional

• Command

• Market

• Democratic

Which economic system answers the three economic questions based on traditional customs and beliefs of the past?

• Market

• Command

• Mixed

• Traditional

The values and traditions in a traditional economic system have been passed down from ________ to ________.

• generation to generation

• teacher to student

• leader to follower

• friend to friend

• neighbor to neighbor

Some rural villages in Asia have traditional economies where the people still follow the way of life of their ________.

• ancestors

• neighbors

• teachers

• friends

What type of economic system answers the three economic questions through strict government control?

• Market

• Traditional

• Command

• Mixed

In a command economic system, who regulates all of the country’s economic decisions such as prices of goods, wages of workers, and goods to be made?

• The government

• Private companies

• Individual consumers

• Foreign investors

China’s Great Leap Forward was an example of which type of economic system?

• Market

• Traditional

• Command

• Mixed