Warm - Up Economic Systems Multiple

What is a key characteristic of a command economy?

• Individuals own the resources.

• The government controls all economic decisions.

• Prices are determined by supply and demand.

• There is no government intervention.

Which of the following is an example of a market economy?

• North Korea

• Cuba

• United States

• China

In a mixed economy, which of the following best describes the role of the government?

• The government completely controls all industries.

• The government has no role in the economy.

• The government regulates certain industries while allowing private enterprise.

• The government owns all resources and businesses.

Which of the following countries is known for having a command economy?

• Germany

• Canada

• China

• North Korea

In a market economy, how are prices typically determined?

• By government decree

• By supply and demand

• By central planning

• By tradition

How is the price of a commodity determined?

• By the central bank

• By supply and demand

• By international standards