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WorksheetsECONOMIC SYSTEMS
Total questions: 23
Worksheet time: 18mins
The economic system of communist countries is most closely related to which of the following:
Command
Market
Traditional
Mixed
Which of the following is NOT one of the basic questions that all economic systems must answer:
What to produce
How to produce
How much to produce
For whom to produce
In a command economy, economic decisions are made by the
Consumers
market
government
producers
Who owns the resources in a command economy?
the government
no one
individuals
private business
How are goods and services exchanged in a traditional economy?
through prices and wages
through government regulation
through bartering
through shortages and surpluses
Which of the following BEST describes a market system?
The government provides services, such as telephones and television.
A person can start any legal business and charge any price.
The government provides food and housing to all workers.
Businesses are owned by the government.
This is an economic system where people follow the occupation of their ancestors:
Command
Market
Mixed
Traditional
A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?
Free labor
Competition between businesses
Government control of industry
Government control of agriculture
An economic system that allows individuals to start businesses, but still has government regulations is
Traditional
Market
Command
Mixed
Most democratic countries today have which economic system?
Traditional
Market
Command
Mixed
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
Oil, natural gas, and coal
human resources
natural resources
entrepreneurship
capital resources
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
