Economic Systems Quiz

Haiti's economy is based mainly on agricultural products such as coffee. This is considered which type of economic system?

• Market

• Traditional

• Command

• Mixed

Which type of economic system occurs when both the government and individuals own factors of production?

• Market

• Traditional

• Command

• Mixed

Who makes the decisions for the 3 economic questions for each economic system below?

• Command - Government

• Market - Consumers

• Traditional - Based upon customs, beliefs, religion and habits

• Mixed - Both government and consumers

Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda began interviewing potential employees, they found there were few educated and trained employees in the area. The limited number of potential employees compared to Honda's need for trained and educated employees is considered to be the economic problem of ________.

• Deficit

• Surplus

• Resources

• Scarcity

What type of consumer product is purchased without much planning and is bought frequently?

• Shopping

• Specialty

• Unsought

• Convenience

Which type of consumer product is characterized by high advertising budgets and is set at a price that consumers will agree is valuable?

• Convenience

• Specialty

• Unsought

• Shopping

For which type of consumer product is brand loyalty and unique characteristics the main focus, often resulting in consumers going out of their way to purchase them?

• Convenience

• Shopping

• Unsought

• Specialty

What are examples of convenience products according to the document?

• Shoes, clothing, make up

• Laptops, cameras, high end make up

• Home theater system such as Bose

• Milk, eggs

Which type of consumer product is usually new to the market, found exclusively at high-end specialty shops, and has high prices?

• Convenience

• Shopping

• Specialty

• Unsought

What is an example of a material that can be classified as an industrial product?

• Bottles

• Industrial size washing machine

• Wood, Water

• Vacuums, carts