Economic Models and Systems

Which economic model is based on custom and habit?

• Traditional model

• Command model

• Market model

• Mixed model

In which economic model does the government make all the economic decisions?

• Traditional model

• Command model

• Market model

• Mixed model

Which economic model places economic decisions in the hands of the people?

• Traditional model

• Command model

• Market model

• Mixed model

What is the term for the economic system that mixes market and command principles?

• Traditional model

• Command model

• Market model

• Mixed model

Which economic model is mostly market-leaning?

• United Kingdom

• Germany

• Russia

• European Union

Which country has the strongest overall economy among the given options?

• United Kingdom

• Germany

• Russia

• European Union

Which country has a mostly command-leaning economy?

• United Kingdom

• Germany

• Russia

• European Union

Which economic model is dominated by the oil and natural gas industries?

• United Kingdom

• Germany

• Russia

• European Union

What is the term for the phenomenon where countries choose to market only those products/services they can provide fastest, cheapest, and in great abundance?

• Economic specialization

• Trade barriers

• Currency exchange

• Human capital investment

What are the major barriers to trade between nations?

• Tariffs, quotas, and embargoes

• Economic specialization, trade barriers, and currency exchange

• Human capital investment, GDP, and capital goods

• Literacy rates, GDP per capita, and natural resources