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WorksheetsChapter 2 Econ quiz
Total questions: 11
Worksheet time: 4mins
In a traditional economy, _____ and _____ dictate how things are done.
elders, older siblings
ancestors, teachers
elders, ancestors
Which economic system is the most flexible?
command
free market
socialism
This will raise the cost of production in a command economy.
inefficient bureaucracy
free media
new raw materials
The black market is where goods are sold _____.
illegally
often
as is
Plan used by the Soviet Union and China
Gosplan
Great Leap Forward
Five-Year Plan
Chinese strategy used to quickly revolutionize industrial agriculture and production
Great Leap Forward
Gosplan
Five-Year Plan
shift from private ownership to government ownership
(a)
state-owned property to individual ownership
(a)
Major advantage of market economy
high degree of individual freedom
can change direction rapidly as needed
government control of production and distribution
Description of economic system in Cuba.
traditional economy with strong government conrtol
wacked
command economy with strong government control
Most successful example of successful privatization.
Soviet Union
Cuba
China
