Denison ISD Unit 1 Review: Question Preview (ID: 26676)

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Which of the following explains why products made under a command economy are more likely to be low quality?
a) the workers who make them have little incentive to make them well
b) the workers who make them are not gigen quality-control guidelines
c) the workers who make them are left to manage production facilities on their own
d) the workers who make them are forced by tradition to use old-fashioned methods

Which of the following is a cause of struggle in the process of privatization?
a) people must adjust to government control of their economy
b) people must decide how best t get along with a free market
c) people must adjust to thee costs and risks that are part of capitalism
d) people must ecome used to no longer owning their own homes and businesses

How are economic transactions shaped in a traditional economy?
a) each community decided as a group for whom the group will produce
b) elders and ancestors make certain that things are done in specific ways
c) the three basic economic questions of production do not arise in this type of economy
d) individuals form networks within which they buy, sell, and trade as they choose.

Which type of economy is most prevalent in the world today?
a) mixed
b) market
c) command
d) traditional

In which of these systems is the government MOST likely to provide people iwth goods and servics they could not otherwise afford?
a) a market economy
b) a socialist economy
c) a traditional economy
d) a free-eterprise economy

Which of these countries has an economy MOST similar to that of the former Soviet Union?
a) Sweden
b) Norway
c) North Korea
d) South Korea

Which of these is a major advantage of a market economy?
a) it can change direction repidly as needed when markets change
b) therre is a high degree of individual freedom
c) therre is efficient government control of production and distribution
d) people are likely to be offered goods an services they cannot afford

Which country is an example of a capitalist country?
a) Cuba
b) Singapore
c) Venezuela
d) North Korea

Which nationl today is the most striking exaple of successful privatization?
a) Cuba
b) China
c) North Korea
d) Sovit Union

Which is a system in which conomic activity is the result of ritual, habit, or custon?
a) captialism
b) command economy
c) market economy
d) traditional economy

Which is an economic system in which a central authority make sthemajor economic decisions?
a) capitalism
b) command economy
c) market economy
d) traditional economy

Which is a system in which eonomic activity is driven by supply, demand, and the price system?
a) capitalism
b) command economy
c) market economy
d) traditional economy

Which is an economic sysem in which private citizens own and use resources to make a profit?
a) capatalism
b) command economy
c) market economy
d) traditional economy

_______________________ is an efficient way of allocating resources an dproducing and distributing goods and services in a society.
a) Economic system
b) supply and demand
c) bidding on items
d) servic industry

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