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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