SS7E4 Quiz Retake

Since Saudi Arabia became a nation in 1932, it has had 3 economic systems. What are they in order from oldest to newest?

• command, mixed, traditional

• mixed, traditional, command

• traditional, command, mixed

• command, traditional, mixed

What type of economic system do most democratic countries have?

• command

• market

• traditional

• mixed

Which one of the following is an example of a pure market economy?

• North Korea

• There are no 100% pure market economies

• Cuba

• All western European countries

How does a command economic system answer the three economic questions?

• Letting the citizens take a vote on election day

• Government makes all the decisions

• A small group of wealthy individuals make the decisions

• Ask the president what he thinks

How do members of a traditional economy trade goods?

• selling things on amazon

• trading the items on ebay

• trading items on Saturdays at the grocery store with their friends and family

• bartering or trading items they have with people who have items they need

What are the three economic questions that every country must answer?

• What to produce? How to produce? For whom to produce?

• What location? What color? What size?

• What recipe? Where are the ingredients? Who to make it for?

• What is the name of my product? Where am I selling it? When will it be finished?

What type of economic system is found in Turkey?

• mixed

• traditional

• command

• market

Which best describes a market economy?

• decisions are made by individuals who decide what to produce and what to buy

• decisions are made by government planners

• decisions are made by mixed economies

• decisions are made through generational traditions

Which best describes a command economy?

• decisions are based made by government planners

• decisions are based on tradition

• decisions are based on supply & demand

• decisions are based on supply, demand and by the government

Which of the following countries has rich oil reserves?

• Israel

• Saudi Arabia

• Turkey

• Iran