Economics Part I: Question Preview (ID: 26265)

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What is the most important factor in deciding what job you would do if you lived in a traditional economy?
a) the job your parents had b) how smart you were in school c) the types of factories in your area d) careers that you were most interested in
Customs and habits are most important to which type of economy?
a) command b) market c) mixed d) traditional
In which type of economic system does the government control what a factory produces and what prices it will charge for those products?
a) command b) market c) mixed d) traditional
In which economic system do consumers make economic decisions that occur between buyers and sellers? This system also has competition.
a) traditional b) command c) market d) mixed
In a command economy, who usually owns the farms and factories?
a) individuals b) corporations c) the government d) farm and factory workers
Which statement describes a part of a market economy?
a) All the stores in a country have prices set by the government b) People purchase a factory to build a new type of energy-saving car c) The government orders a factory to produce 100 more televisions a day. d) A farmer is given directions from the government about which crops to grow.
Which economy is most common in the world today?
a) traditional b) command c) market d) mixed
What are the three economic questions that all economists ask?
a) what to produce, how to produce, for whom to produce b) when to produce, where to produce, what to produce c) how to produce, where to produce, what time to produce d) where to produce, how to produce, which to produce
What are the three main types of economic systems?
a) mixed, traditional, market b) traditional, command, market c) command, market, mixed d) market, mixed, competition
Most countries are ______________________ economies because they are a combination of market and command.
a) traditional b) command c) market d) mixed
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