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WorksheetsEcon: Ch.3 Economic Systems
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
The major types of economic systems are
a)
command, market, and mixed.
b)
traditional, market, and mixed.
c)
traditional, command, and market.
d)
communist, socialist, and capitalist
2.
An economic system is successful when it
a)
creates a large number of wealthy people.
b)
maintains normal unemployment levels.
c)
controls government agencies.
d)
satisfies the needs of its people.
3.
In a ____________ economy, a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.
a)
traditional
b)
command
c)
market
d)
free market
4.
The economic system that answers the four basic economic questions according to societal customs is called
a)
command
b)
market
c)
mixed
d)
traditional
5.
Which of the following is NOT a major characteristic of a pure market economic system?
a)
lack of competition
b)
freedom of enterprise
c)
freedom of choice
d)
little or no government control
6.
The main drawback of the traditional economy is that it
a)
has a great deal of uncertainty
b)
fails to answer the WHAT, HOW, and for WHOM questions
c)
tends to discourage new ideas and ways of doing things
d)
requires a large government bureaucracy
7.
Today, traditional economies
a)
exist in very few areas of the world.
b)
are common in many parts of Latin America and Asia.
c)
exist only in the developed nations of the world.
d)
are found only in the Middle East.
8.
One advantage of a ___________ economy is that it gradually adjusts to change over time.
a)
traditional
b)
command
c)
market
d)
socialist
9.
In a command economy, producers of goods and services make decisions primarily based on
a)
government planning.
b)
past customs and production methods.
c)
current profit potential.
d)
marketplace signals.
10.
Almost all economic systems today are
a)
pure market economies.
b)
mixed economies.
c)
command economies.
d)
traditional economies.
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