Economic Systems: Question Preview (ID: 10916)


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There are no exampes of ______________ economy in Europe.
a) traditional b) command c) market d)
Although the new Russian Federation has adopted a more _________ economy, the former Soviet Union was an example of a __________ economy.
a) mixed; command b) market; mixed c) free; traditional d)
In a decentralized _____________ economy, decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace.
a) traditional b) command c) market d)
In a centralized ________________ economy, government planning groups make the basic economic decisions.
a) traditional b) command c) market d)
In a _______________ economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.
a) traditional b) command c) market d)
Which of the following is NOT a question that should be answered when determining an economic system?
a) What goods and services will be produced? b) How will goods and services be produced? c) Who will consume the goods and services? d) What time will the goods and services be sold?
What does an economic system do?
a) determines who gets the most money b) determines how to use limited resources c) determines what the money should look like d) determines what color the money should be
__________________ is the limited supply of something.
a) tariff b) scarcity c) economy d) command
All economies are mixed.
a) true b) false c) d)
Most of Europe operates in a _______________ economy.
a) traditional b) command c) market d)
Which of the following is not a trade barrier?
a) traditional b) tariff c) quota d) embargo
What is the voluntary exchange of goods and services among people and countries?
a) trade b) religion c) location d) economy
Countries limit trade by creating trade _____________.
a) barriers b) quotas c) tariffs d) embargoes
The most common trade barriers are ______ and ______.
a) tariffs and quotas b) traditional and market c) tariffs and embargos d) trade and tariffs
a tax on imports
a) tariff b) quota c) embargo d) mixed
a limit placed on the number of imports that may enter a country
a) quota b) tariff c) embargo d) command
a government order to stop trading with another country
a) embargo b) tariff c) quota d) market
The European Union is a
a) free trade zone b) free barrier zone c) free liberal zone d) free lance zone
In a free trade zone, there are not
a) tariffs b) quotas c) embargos d) commands
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