Understanding Economy and Government

Front

What is a characteristic of a market economy?

Back

Prices are determined by supply and demand

Front

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

Back

The government

Front

Which of the following is a role of the government in a mixed economy? Owning all businesses, Setting prices for all goods, Eliminating all taxes

Back

Protecting consumers and producers

Front

In a democracy, how are leaders typically chosen?

Back

By voting in elections

Front

What is a key feature of an autocracy?

Back

A single person holds all the power

Front

What is the main goal of a traditional economy?

Back

To follow customs and traditions

Front

In a democracy, what is the role of the citizens?

Back

To participate in decision-making

Front

What is a disadvantage of an autocratic government?

Back

Lack of citizen/public input

Front

Which type of economy is most likely to encourage innovation and entrepreneurship? Options: Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

What is a common feature of autocratic government?

Back

Limited to no political freedoms