Economic Systems Review

Front

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)? Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism? Options: Traditional, Command, Market, Mixed

Back

Command

Front

Which economic system is both market and command combined and most democratic countries fall into this category?

Back

Mixed

Front

Which economic system is it when people decide what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes? Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?

Back

Command

Front

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

Back

Market

Front

Which of the following BEST describes a market system?

• The government provides services, such as telephones and television.
• A person can start any legal business and charge any price.
• The government provides food and housing to all workers.
• Businesses are owned by the government.

Back

A person can start any legal business and charge any price.

Front

The food supply is rationed, or divided, so everyone gets the same amount. The government is in charge of this:
Options: Command, Market, Mixed, Traditional

Back

Command

Front

In my country, central planners decide when we should expand old factories and build new ones. Options: Traditional, Command, Market, Mixed

Back

Command

Front

In my country my job is the same one that my family has done over the past 200 years. Options: Traditional, Command, Market, Mixed

Back

Traditional