Economic Systems Quiz

The situation that results from the gap between wants and resources is known as

• utility

• capital

• scarcity

• abundance

The best title for the characteristics described below would be

Scarcity of water resources

Lack of technological training

Shortage of surplus capital

heavy reliance on traditional methods of production

• "Drawbacks of Command Economies"

• "Obstacles to Economic Growth"

• "Consequences of Oil Depletion"

• "Problems of Industrialized Nations"

In command economies, who ultimately decides what goods and services will be produced?

• consumers

• private investors

• entrepreneurs

• government

Which kind of distributional system is being employed when the United States government decides to administer certain services, rather than letting the market provide them?

• Command

• Traditional

• Market

• None of the above

An economic system in which the government decides what goods are produced, how they are produced, and for whom they are produced is known as a

• traditional economy

• market economy

• command economy

• anarchist economy

An economic system in which the decisions of what, how, and for whom to produce are based on historical customs is known as a

• market economy

• command economy

• capitalist economy

• traditional economy

Which of the following countries are best described as command economies?

• the United States and Japan

• the United Kingdom and Taiwan

• the former Soviet Union and North Korea

• Canada and Australia

Communist countries in which the government controls the means of production are best described as

• command economies

• free enterprise economies

• market economies

• traditional economies

An economy that has both market and command characteristics is best described as a

• free enterprise economy

• dual economy

• mixed economy

• closed economy

Any distribution system in which occupations and wages are totally controlled by a central authority would be considered

• a command economy

• a traditional economy

• a market economy

• a soviet economy