WG10A DOL

Front

Which of the following is a characteristic of a traditional economy?
High levels of innovation and technology,
Reliance on customs and traditions,
Centralized decision-making,
Free market competition

Back

Reliance on customs and traditions

Front

In a socialist economy, who typically owns the means of production?

Back

The government

Front

What is one advantage of a market economy?

Back

Efficient allocation of resources

Front

Which of the following is a disadvantage of a command economy? High levels of consumer choice, Rapid response to consumer demands, Lack of innovation, Decentralized planning

Back

Lack of innovation

Front

How does a traditional economy typically determine the distribution of goods and services?

Back

By following historical patterns

Front

Which feature is commonly associated with a socialist economy? Options: Private ownership of all businesses, Minimal government intervention, Social welfare programs, High levels of income inequality

Back

Social welfare programs

Front

What is a key benefit of a market economy?

Back

Consumer sovereignty

Front

In a command economy, who makes the major economic decisions?

Back

Central government

Front

Which of the following is a common characteristic of traditional economies? High levels of industrialization, Use of barter systems, Advanced financial markets, Strong intellectual property laws

Back

Use of barter systems

Front

What is a typical feature of a socialist economy?

Back

Collective ownership of resources