Types Of Economic Systems CE11b: Question Preview (ID: 24072)

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They type of economy a country has is determined by the amount of ____.
a) government involvement
b) judicial review
c) circular flow
d) economic interest

Which of the following is NOT a basic question of economics?
a) Where will it be produced?
b) What will be produced?
c) Who will produce it?
d) For whom will it be produced?

Earnings - Expenses = ______
a) Profit
b) Choice
c) Price
d) Chance

Widgets have become the latest fad. Everyone wants one and stores are selling out fast. The factory increased production. This is an example of ____.
a) consumer sovereignty
b) due process
c) opportunity cost
d) circular flow

Which of the answer choices is not a characteristic of a free market economy?
a) Public Property
b) Private Property
c) Profit
d) Consumer Sovereignty

There is little or no government control in a _____________ economy.
a) free market
b) traditional
c) mixed
d) command

Which of the following is NOT a type of economic system?
a) public market economy
b) free market economy
c) command economy
d) traditional economy

In the former Soviet Union consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. What type of economy did they live in?
a) command economy
b) free market economy
c) mixed economy
d) traditional economy

Which type of economic system does the United States have?
a) mixed economy
b) traditional economy
c) free market economy
d) command economy

The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his dad had been. What kind of economic system does this describe?
a) traditional economy
b) command economy
c) free market economy
d) mixed economy

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