Economic Systems

Front

What type of economy is represented by Sam learning to make clay bricks like his father and grandfather? Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

What type of economic system is represented by Katia's government-run business? Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk. What type of economy does this scenario represent? Options: Free Market, Traditional, Command

Back

Free Market

Front

In a country where jobs are decided by the government, what type of economy is this? Options: Traditional, Free Market, Mixed, Command

Back

Command

Front

What type of economy does a private company that follows government rules for public safety represent? Options: Free Market, Command, Mixed, Traditional

Back

Mixed

Front

Who or what answers the basic economic questions in a mixed economy? Options: Individuals and Businesses, Government, Custom, Individuals, Businesses, and Government

Back

Individuals, Businesses, and Government

Front

Who or what answers the basic economic questions in a traditional economy?

Back

Custom

Front

What type of economy do most countries in the world have? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods and services will be produced?, Who is responsible for producing goods and services?, How will goods and services be distributed to customers?

Back

What is the price of the goods?

Front

Of the three major economic questions, which of the following is the best example of a "What?" question? Options: Should automobiles be produced using workers or robots?, Should higher-income or lower-income people buy SUVs?, Should we make faster microprocessors or pest-resistant corn?, Should migrant workers or domestic workers be used to pick grapes?

Back

Should we make faster microprocessors or pest-resistant corn?