What is the primary difference between a market economy and a command economy?

Market Economy vs. Command Economy Quiz

Quiz
•
Other
•
10th Grade
•
Hard
STEVE FRANKLIN
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Government intervention and regulation
Consumer preferences and resource scarcity
Price determination for goods and services
Resource control and capital ownership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, prices are determined by:
Supply and demand
Consumer preferences
Government officials
Macroeconomic and political considerations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is associated with the concept of an 'invisible hand' in a market economy?
John Maynard Keynes
Karl Marx
Milton Friedman
Adam Smith
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economist argued that command economies were likely to become authoritarian regimes?
Ludwig von Mises
Milton Friedman
Karl Marx
John Maynard Keynes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mixed economy?
An economy with complete government control
An economy with government intervention only
An economy with no government intervention
An economy with elements of both market and command economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary role of governments in a market economy?
Setting prices and production schedules
Playing a minor role through taxes and regulation
Directing the factors of production
Regulating business cycles
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which country has made significant market reforms despite being regarded as a command economy?
United States
North Korea
China
Cuba
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