Economic Systems Question Preview (ID: 38575)


This Is A Review Over Economic Systems! TEACHERS: click here for quick copy question ID numbers.

A product of the earth (“gift of nature”) that people use to meet their needs is a
a) good.
b) natural resource.
c) free enterprise.
d) service

The number limit on how many items of a particular product can be imported from a particular country is the
a) demand.
b) quota
c) supply.
d) tariff

The economic system of communist countries is most closely related to which of the following: A. Command economy
a) Command economy
b) Market economy
c) Traditional economy
d) Mixed economy

Which of the following is NOT one of the basic questions that all economic systems must answer:
a) What to produce?
b) How to produce?
c) How much to produce?
d) For whom to produce?

In a command economy, economic decisions are made by the
a) consumers.
b) market.
c) government.
d) producers.

Which is an example of human capital?
a) Education
b) Roads
c) Factories
d) Machinery

Who owns the resources in a command economy?
a) the government
b) no one
c) individuals
d) private businesses

How are goods and services exchanged in a traditional economy?
a) through prices and wages
b) through government regulation
c) through bartering
d) through shortages and surpluses

Which trade barrier sets up a complete ban on trading between countries?
a) mountain
b) tariff
c) quota
d) embargo

There are no truly pure Market economic systems, but which of the following countries is the closest?
a) Cuba
b) Russia
c) Germany
d) United States

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