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Worksheetseconomic systems
Total questions: 11
Worksheet time: 10mins
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
In a market economy, what most strongly affects the price and quality of goods and services?
tariffs
competition as well as supply and demand
trade barriers
government control
What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
What to produce, why to produce, when to produce?
What is your opportunity cost, what economic resources are needed, why should these resources be used?
What is produced, how is it produced, and for whom is it produced?
What is your opportunity cost, why are economic resources needed, when should these resources be used?
Which of the following would reflect a country with a mixed economy?
Prices and wages are completely regulated by a country’s government.
A combination of privately-owned industry and government control.
A country’s distribution of resources is based on inheritance.
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
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
What is an economic system where only the government makes the economic decisions?
traditional economy
free enterprise
mixed economy
command economy
The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
Traditional
Market
Command
Centrally Planned
