Economic Systems Practice

Front

A command economic system is when the government makes all economic decisions.

Back

True

Front

Production is when the government ships goods to another country.

Back

False

Front

This picture represents which economic term? Options: Trade, Exchange, Resources, Production

Back

Exchange

Front

Human resources

Back

Jobs that benefit the economy

Front

Which statement is the most accurate? Options: In a market economy, consumers and buyers control economic decisions, Most people living in a traditional economy embrace technology , Countries that have weak economies tend to have a higher standard of living, North Korea is a market economy

Back

In a market economy, consumers and buyers control economic decisions

Front

An economic system is the way in which people decide to organize the production and distribution of goods.

Back

True

Front

Do all societies answer the three basic economic questions in the same way?

Back

False

Front

In a market economy, only the government decides what goods are produced.

Back

False

Front

Is the United States of America an example of a traditional economic system?

Back

False

Front

The three basic economic questions are: What to produce? How to produce? How to divide labor during the production stage?

Back

False