Economics Systems Quiz

What is a command economy?

• People choose what to produce

• Businesses compete freely

• The government controls what is produced and sold

• There is no government involvement

In a market economy, who answers the basic economic questions?

• The king

• Consumers and businesses

• The military

• Religious leaders

What is a mixed economy?

• An economy with no government control

• An economy that only uses money

• An economy combining command and market elements

• An economy that uses traditional methods

What does the economic continuum show?

• Natural disasters

• Types of government

• The balance between command and market economies

• Climate patterns

Where do most countries fall on the economic continuum?

• Far left

• Far right

• Somewhere in the middle

• Outside the line

What type of economy does Australia have?

• Pure command

• Mixed, leaning market

• Pure market

• Traditional

Which service is usually provided by the government in a mixed economy?

• Selling video games

• Public healthcare

• Running clothing stores

• Advertising products

What economic system has complete government control?

• Market

• Command

• Mixed

• Traditional

What kind of economic system does North Korea have?

• Mixed

• Market

• Command

• Traditional

In which economic system do individuals own most of the property and businesses?

• Traditional

• Market

• Command

• Authoritarian