Economic systems & Economic factors Review Game

What is the most likely cause of an increase in demand?

• Higher Salaries

• Lower costs

• Price Changes

What does a fall in the value of the pound mean?

• Lower Prices

• Lower export prices

• Lower import prices

What is the most likely cause of an increase of supply?

• Lower Cost
• Higher Cost

• Supply and demand

Which of the following is NOT one of the basic questions that all economic systems

must answer:

• How to produce?

• For whom to produce?

• What to produce?

• How much to produce?

Most democratic countries today have which economic system?

• Market

• Mixed

• Command

• Traditional

A market economy is very different from a command economic system or a traditional system.

Which of the following is found in a market economy?

• Government control

  of industry

• Free labor

• Government control

  of agriculture

• Competition

  between businesses

What is the GDP?

Answer explanation

Gross Domestic Product

gross domestic product ( GDP), total market value of the goods and services produced by a country's economy during a specified period of time.

How are goods and services exchanged in a traditional economy?

• through bartering

• through government regulation

• through shortages and surpluses

• through prices and wages

The economic system of communist countries is most closely related to which of the

following:

• Market

• Traditional

• Command

• Mixed

Who owns the resources in a command economy?

• the government

• no one

• individuals

• private business