Economic Systems

Front

In a market economy, what most strongly affects the price and quality of goods and services?

Back

competition as well as supply and demand

Front

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

Back

What is produced, how is it produced, and for whom is it produced?

Front

Which of the following would reflect a country with a mixed economy?

Back

A combination of privately-owned industry and government control.

Front

Native Americans used to barter for goods. They did not use currency. Economic decisions were based on customs. What economic system would an indigenous group like the Native Americans most likely have?

Back

traditional economy

Front

Which country is closest to pure command?

Back

North Korea

Front

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

Katia is an accountant in a government run business where she was placed after graduation. Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

I am a farmer in Africa, and have always traded for my goods. I have a _____ economy. Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government. Options: Traditional, Free Market, Mixed, Command

Back

Command