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WorksheetsF4-CW #2-ECONOMIC SYSTEMS
Total questions: 20
Worksheet time: 28mins
A _____________ economy is completely controlled by the government
Traditional
Planned/Command
Mixed
Free Market
Which of the following is NOT one of the 3 basic economic questions:
Who consumes it?
How do we produce it?
Where is it produced?
What do we produce?
The government makes all the economic decisions in this economy
command
market
traditional
mixed
Capitalist economy is also called
command economy
market economy
traditional economy
mixed economy
What type of economy do most countries in the Caribbean have?
Market economy
Command economy
Traditional economy
Mixed economy
Producers and consumers determine how to use resources and what to make without government interference.
Free Market Economy
Traditional Economy
Command Economy
Mixed Economy
People use the resources they have to make only what they need to survive.
Market Economy
Traditional Economy
Command Economy
Mixed Economy
In a __________________ economy, individuals and families produce by themselves and make economic decisions based on survival, e.g. early man
Mixed
Market
Subsistence
Command
There are four types of economic systems. Which is NOT one?
Traditional
Command
Market
Macroeconomic
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
Competition and maximizing profits are important characteristics of a:
command economy
traditional economy
Free market economy
socialist economy
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
Which of the following BEST describes a free market economy?
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.
