Econ Systems

The major types of economic systems are

• command, market, and mixed.
• traditional, market, and mixed.
• traditional, command, and market.
• communist, socialist, and capitalist

In a ____________ economy, a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.

• traditional
• command
• market
• free market

Which of the following is NOT a major characteristic of a pure market economic system?

• lack of competition
• freedom of enterprise
• freedom of choice
• little or no government control

The main drawback of the traditional economy is that it

• has a great deal of uncertainty
• fails to answer the WHAT, HOW, and for WHOM questions
• tends to discourage new ideas and ways of doing things 
• requires a large government bureaucracy

In a command economy, producers of goods and services make decisions primarily based on

• government planning.
• past customs and production methods.
• current profit potential.
• marketplace signals.

Almost all economic systems today are

• pure market economies.
• mixed economies.
• command economies.
• traditional economies.

What forces people to make economic choices?

• Need for shelter

• Abundance of goods

• Scarcity of resources

• Desire for profit

Of the three major economic questions, which of the following is the best example of a "What?" question? 

• 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?

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 

• what
• how
• for whom
• where

Canada has nationalized health care, so that everyone has some access to health care. Based on this, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question? 

• What type of health care will be produced and in what quantity? 
• How will health care be produced?
• For whom will health care be produced?
• Why will we offer health care?