SE Asia Government and Economic Systems Review

Which economic system relies primarily on customs and traditions to answer economic questions?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

In a _______ economy, the government makes most economic decisions.

• market

• command

• traditional

• barter

Who determines what goods and services to produce in a market economy?

• The government

• Consumers and producers

• Religious leaders

• A central planning committee

Which economic system is characterized by private ownership of resources and minimal government intervention?

• Command economy

• Traditional economy

• Market economy

• Barter economy

The question "For whom to produce?" addresses:

• Production methods

• Resource allocation

• Distribution of goods and services

• Government regulations

In a command economy, how is the question of "What to produce?" typically answered?

• By consumer demand

• Through government planning

• Based on ancestral traditions

• By private business owners

A mixed economic system:

• Combines elements of market and command economies

• Only exists in developing countries

• Is the same as a traditional economy

• Eliminates all government intervention

On the economic system continuum, which of the following is closest to a pure market economy?

• North Korea

• China

• Japan

• South Korea

Which country's economic system is often described as "state capitalism"?

• India

• Japan

• China

• South Korea

The economic system of North Korea is best described as:

• A pure market economy

• A mixed economy leaning towards market

• A command economy

• A traditional economy