Economics "Practice"

Front

Which of the following is *NOT* one of the 3 questions that every country must answer economically?
What will be produced?
How will it be produced?
Who will produce it?

Back

Why will it be produced?

Front

Which is NOT an economic system? Options: Mixed Market, Mixed Command, Mixed Traditional, Traditional

Back

Mixed Traditional

Front

Which of the following is NOT one of the three questions asked when determining a country's economic system? Options: What goods/service are produced?, How are goods/services produced?, For whom are goods/services produced?

Back

Where are goods/services produced?

Front

How do people in a traditional economy usually exchange goods? Options: By selling them for money, By using credit/debit cards, By bartering, By writing checks

Back

By bartering

Front

In which economic system does the government decide what is produced? Options: traditional, command, market

Back

command

Front

In which economic system do private businesses decide what is produced? Options: traditional, command, market

Back

market

Front

In which economic system do the customs of the past determine what is produced? Options: traditional, command, market

Back

traditional

Front

Which economic system do most democratic countries use? Options: traditional, command, market

Back

market

Front

When a country focuses on being really good at producing one thing, it's an example of __________

Back

specialization

Front

What is the purpose of a tariff?

Back

to increase the price of imported goods by imposing a TAX