Types Of Economies: Question Preview (ID: 17782)

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What does the interaction between supply and demand decide?
a) Price b) Consumer Choice c) Scarcity d) Opportunity Cost
All of the following are characteristics of a free market economy EXCEPT
a) individual choice b) private ownership c) competition d) no consumer choice
Private ownership of property and resources is a characteristic of what type of economic system?
a) Traditional b) Free Market c) Command d) Socialist
All of the following are characteristics of a command economy EXCEPT
a) government ownership of resources b) competition c) no consumer choice d) centrally planned
Business, individuals, and government make economic decisions in which economic system?
a) Command b) Traditional c) Mixed d) Free Market
Who makes decisions for the public sector in a mixed economy?
a) Government b) Individuals c) Businesses d) Individuals and government
The government controls the means of production in what economic system?
a) Free Market b) Command c) Mixed d) Traditional
What type of economic system does the United States have?
a) Traditional b) Free c) Command d) Mixed
In the United States economic system, who makes decisions?
a) Individuals, business, and government b) Government c) Individuals d) Business and Government
In the United States economy, business owners are allowed to keep all earnings they make after all expenses have been paid. What are these earnings called?
a) Price b) Market value c) Profit d) Expenses
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