Self-Revision: Four Economic System

How is each nation's economic system determined?

• by a vote of the people.

• by the key business organizations.

• by answering three key economic questions.

• all of the above

What determines the kind of economic system a country will have?

• The way a country answers the three basic economic questions

• The country's population size

• The country's geographical location

• The country's technological advancements

What are the three basic questions that every economic system must answer?

• What's produced?

• How's it produced?

• Who sells it?

• Who consumes it?

The four types of economic systems are: 

• Traditional, Command, Mixed, & Free Market

• Traditional, Command, Combined, & Free Market

• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What type of economic system is based on customs and beliefs?

• Free Market

• Mixed
• Traditional
• Command

If I choose to be a fisherman for my town because my father was a fishermen, and my grandfather was a fisherman what economic system is this?

• Mixed

• Market

• Traditional

• Command

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed

an economy in which government leaders give the answers to the three economic questions

• traditional economy

• democracy

• socialism

• command economy

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

• Command

• Free Market

• Traditional

• Mixed

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Free Market 

• Command 
• Mixed