13. 3- Three Types of Economies Quiz

What type of economy had hunters that hunted the same game and used the same methods?

• Mixed Economy

• Market Economy

• Traditional Economy

• Command Economy

There are a bunch of purely traditional economies in the world today.

• True

• False

In this type of economy, the government usually owns and controls important parts of the economy.

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Consumers in a command economy have power in determining what and how much gets produced.

• True

• False

In this economy, competition and profit-seeking play a large role. Which economy is this?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Which economy sets wages and decides who will work at which jobs?

• Mixed Economy

• Command Economy

• Traditional Economy

• Market Economy

Which of the following is an important feature of capitalism?

• Capital is government owned.

• Capital is privately owned.

• Use of capital is controlled by tradition.

• All the above.

___________ means to use your money to help a business get started.

• Profit

• Capitalism

• Free enterprise

• Invest

Which of the following is an example of free enterprise?

• Government price limits on oil.

• Amounts of food awarded on the basis of an individual's role in the hunt.

• Privately owned shops that sell consumer goods.

• Public Education.

___________ is the difference between what it costs to produce something and the price the buyers pay.