Font size
WorksheetsEconomic system - 4 - Planned economic sytem
Total questions: 13
Worksheet time: 17mins
An economic system involving the role of government is called...
Market economic system
Planned economic system
Mixed-economic system
Free market economic system
Below is the disadvantage of a planned economic system
Products quality are often poor
Harmful goods might be produced
Some firms may dominate the market
Goods and services are produced to what is profitable
Below is the advantage of a planned economic system
Wide variety of products
Development of new method of production
More equal treat for hired labor
Frequent innovation of goods and services
Refuse collection and welfare service are examples of..
Government monopoly program
Government law and regulation
Market failure condition
Merit goods
Below is an advantage of having government intervention in the economic system..
Goods and services are allocated to people who can purchase it
Environment and people are more protected from harmful goods
No tax, which means more profit
Consumer may gain better quality of products
What are the use of laws and regulations?
Pick three options
To protect consumer
To protect employees
To protect environment
To protect goods and services
To protect government's investors
Which of the following is not the advantage of government intervention?
The government may produce public goods
The government may create more jobs opportunity
The government may avoid or correct any market failure
The government may produce better quality of goods and services
Which of the following is not the nature (characteristic) of the mixed economic system?
Creation of laws to make certain harmful goods illegal to stop its spreading
Resource will only be employed if the profitable
Laws and regulations to protect environment
Provision of jobs, welfare payments for lower-income, and financial help to avoid bankruptcy
How does the government's intervention create a disadvantage?
The government often applies higher taxes that result in the deduction of labor's wages and increased market price
The government often makes regulation to control harmful products, making a shortage of certain harmful products
The government create public facility to provide support for the needy
The government create regulation protecting the environment
Write down two conditions of the market failure.
What we can understand if we notice an increase in prices?
Write three examples of merit goods.
Write down three disadvantages of the government's intervention.
