Economic Systems Question Preview (ID: 36542)
Alberta SS 9.
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North Korea's four wireless companies are owned by the North Korean government. This is an example of which type of economy?
a) mixed economy
b) monopoly
c) traditional economy
d) command economy
The United States has which type of economy?
a) market
b) command
c) traditional
d) mixed
In this type of economic system, the decisions are made by the people.
a) market
b) command
c) mixed
d) traditional
Which economic system is a combination of the market and command systems?
a) market
b) traditional
c) mixed
d) command
Individuals can NOT own or start their own business in this type of economic system.
a) traditional
b) command
c) mixed
d) market
This economic system is based on customs and habits.
a) mixed
b) traditional
c) market
d) command
This economic system is generally limited to farming and herding.
a) command
b) mixed
c) market
d) traditional
There are four economies. Which one is centrally owned by the government?
a) communist
b) capitalist
c) socialist
d) Laissez-Faire
Which one is NOT one of the basic economic questions?
a) Who will buy the product or service?
b) What product or service will be made/offered?
c) What is the product or service going to cost?
d) Who will get the product or service?
This word describes the fact that there are unlimited wants but limited resourceds.
a) opportunity cost
b) resources
c) price
d) scarcity
Every country must develop a(n) _____ system to determine how to use its limited productive resources.
a) economic
b) dual court
c) civil
d) criminal
Rivalry between producers of a good results in better quality goods at a lower price. This is called:
a) corporation
b) capitalism
c) competition
d) consumer sovereignty
Profit is
a) tools and knowledge used by humans
b) the difference between cost and income
c) bringing water to crops
d) the cost to make a product
If there is high demand and low supply, what should happen to prices?
a) nothing
b) go up
c) go down
d)
Increased government spending may result in higher taxes; decreased government spending may result in _____.
a) higher taxes
b) higher wages
c) lower taxes
d) lower wages
Which of the following is NOT a factor of production?
a) land
b) labour
c) capital
d) profit
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