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2.01 Warm Up: Economic Systems
Test Description: 2.01 Warm-up Economic Systems
Instructions: Answer all questions to get your test result.
1) What do a mixed economy and market econmy have in common
A
equal standard of living for all
B
both based on traditions and customs
C
competition in the marketplace
D
government control of the marketplace
2) What is an ADVANTAGE of a market economy compared with a traditioanl economy
A
In a market economy, innovation and competition in the marketplace are encouraged
B
In a market economy, there is an equal standard of living for everyone
C
In a market economy, economic decisions are made the way they have alsways been made
D
In a market economy, the government decided what is produced
3) What is a DISADVANTAGE of a market economy compared with a command economy
A
The government sets prices in a market economy
B
Market economies provide an equal stanard of living for everyone
C
Market economies create a huge gap between the wealthy and the poor
D
Market economies do not offer much competition for consumers
4) Compare the way economic decisions are made in an Amish community with the way they are made in Cuba
A
Individuals make the decisions in Cuba
B
Individuals and government make the decisions in an Amish community
C
Tradition dictates how decision are made in Cuba
D
Tradition dictates how decisions are made in an Amish community
5) Compare the way economic decisions are made in the United States with the way they are made in Cuba
A
Individuals and government make the decisions in the United States
B
Tradition dictates how decisions are made in Cuba
C
The government makes all the decisions in the United States
D
Individuals and government make the decisiions in Cuba
6) What is a DISADVANTAGE of a traditional economy compared to the other types of economic systems
A
Competition guides production decisions
B
Decisions are centered toward the family
C
Government take care of people's needs
D
State of the art technology is not used
7) What is an ADVANTAGE of command economy compared withother types of economic systems
A
Business owners are free to make their own economic decisions
B
Government makes the decisions about what is produced
C
Governement provides an equal standard of living for everyone
D
Decisions are based on customs and the way things have always been done
8) What is a difference between a market economy and a command economy
A
Competition provides consumers choices in a market economy
B
The government selects what is produced in a market economy
C
The government ensures much competition in a command economy
D
Supply and demand determine prices in a command economy
9) What do a command economy and a mixed economy have in common
A
Economic dedcisions are based on customs in both systems
B
Supply and demand determine prices in both systems
C
Government takes care of people's needs in both systems
D
Government controls or dictates what is produced in both systems
10) What is a difference between a traditional economy and a (Market) free enterprise system
A
Economic decisions are centered around the family in a Market free enterprise economy
B
Economic decisions are determined by competition in a traditional economy
C
Supply and demand drive economic decisions in a Market free enterprise systems
D
Decisions are made the way they always have been in a Market free enterprise systems
*select an answer for all questions
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