WorksheetsCommand, Free Market, Mixed,
Total questions: 20
Worksheet time: 10mins
What is a Command Economy?
CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand
An economic system COMBINING private and public enterprise.
When production, investment, price, and income are determined centrally by a GOVERNMENT.
A system that relies on customs, history, and time-honored beliefs.
What countries have a Command Economy?
Iceland, Sweden, France, Australia
United States, Russia, Africa, Haiti
India, United Kingdom, Brazil
North Korea, Cuba, Soviet Union, China, Vietnam
What is one advantage of a Command Economy?
Individual freedom for everyone
Health and public services are available to everyone at little or no cost.
The government rarely interferes.
Able to adjust to change gradually
What is one disadvantage of a Command Economy?
Requires large bureaucracy, which consumes resources
Lower standard of living
Does not produce enough public goods
Workers and businesses face uncertainty as a result of competition and change.
A command economy is also known as a:
Free enterprise system
Consumer-driven economy
Prosperous economy
Planned economy
Command economies are usually dominated by:
Free enterprise
Traditions, customs, and beliefs
State-owned enterprise
All of the above
The main strength of a command economy is that it can change direction drastically in a relatively short time:
False
True
A command economy gives people the motivation to work hard:
True
False
An economic system in which people are free to start their own businesses or to do whatever work they want. Also called capitalism or free market system
Bank Account
Free Enterprise System
Trade Agreement
A Market Economy is based on?
Goods and Services
Goods and Products
Supply and Demand
Service
A mixed economy combines the best parts of which other economies? This question has two correct answers.
Market and Command
Traditional and Market
Command and Traditional
Socialism and Capitalism
This characteristic of a mixed economy states that the vast majority of labor, resources, and capital goods are owned by individuals rather than by the government.
Private Property
Freedom of enterprise and choice
Motive of Self-Interest
Competition
This characteristic states that the Invisible Hand is the driving force of a Mixed Economy.
Private Property
Freedom of enterprise and choice
Motive of Self-Interest
Competition
This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.
Competition
Freedom of Enterprise and Choice
Private Property
Motive of Self-Interest
When I say Gross Domestic Product what am I talking about?
Disgusting Home Things
Total value of goods and services produced by a country
Big measure of stuff made in the world
I don't know
What is income inequality?
When someone doesn't get paid the right amount.
When a few people get the most money.
When people only work part-time.
I don't know
