WorksheetsEcon 2.3 (2025)
Total questions: 16
Worksheet time: 8mins
A society's way of coordinating the production and consumption of goods and services.
economic system
government
Federalism
economic equity
The three key questions all economies must answer are
who, what, how
what, how, for whom
huh, really, no way
who pays, how much, what is it
How many economic goals must each economy address in some capacity?
3
6
10
1
What economic goal means that goods and services we count on are available and affordable. Focus on inflation (prices and purchasing power of money) and employment.
freedom
equity
stability
growth
What economic system focuses on security and stability as economic goals?
traditional
command
market
What economic system focuses on equity and security?
traditional
command
market
The most famous example of a failed command economy is
France
South Korea
The Soviet Union
Middle Earth
Most economies in the world are
market
mixed
traditional
command
The role of a government in a mixed economy is
protection
regulation
public benefits like dams (yes, I said it), highways
all of these
In a free enterprise system like the US has, there are key characteristics. Which of the following is not one?
limited government
competition
equal outcome
profit motive
property rights
Which of the following is an element of a command economy?
The government decides what will be produced.
The market decides what will be produced.
The market decides the distribution of income.
The market decides how it will be produced.
A mixed economy combines free-market principles with which of the following?
a capitalist system
government planning
cost-benefit analysis
the circular flow model
The United States most closely resembles which of the following types of economies?
Market/free-enterprise
Command/centrally-controlled
Traditional/custom-based
Socialist/Marxist
In the market/free enterprise system, who of the following most influences the market?
high-level technical planners
government central bankers
manufacturers based on long-range economic forecasts
the interaction of numerous buyers and sellers
In a market economy, which of the following provides the primary incentive to produce?
government purchases of goods and services
a perfectly competitive system
the desire for economic equity
the motivation to make a profit
In the Circular Flow Model activity, what did Econos represent?
utility
the margin
opportunity cost
models
