Economics Question Preview (ID: 40054)


What's The Economic System? TEACHERS: click here for quick copy question ID numbers.

If the government makes the decisions about what and how much to produce
a) Traditional Economy
b) Market Economy
c) Command Economy
d) Mixed Economy

If decisions are based on basic survival of family and/or community members
a) Traditional Economy
b) Market Economy
c) Command Economy
d) Mixed Economy

If all of the economic decisions are made by basic supply and demand
a) Command Economy
b) Traditional Economy
c) Market Economy
d) Mixed Economy

Its economy is now mixed. The government still controls businesses to some degree, but not nearly as much as it once did. Most of its millions of citizens live in extreme poverty.
a) India
b) China
c) Japan
d) North Korea

Although its somewhat mixed, it leans more toward a command system. The government allows for more free market zones as it continues to move toward a market economy. Very likely could lead the world economically in 20 years.
a) China
b) India
c) Japan
d) North Korea

Its economy is thriving! One of the wealthiest nations in the world. Prices of goods and services are based on supply and demand.
a) India
b) China
c) North Korea
d) Japan

Its strict Communist government is in complete control of the economic decisions.
a) North Korea
b) China
c) India
d) Japan

Japan produces some of the world's most popular electronic products
a) TRUE
b) FALSE
c)
d)

North Korea is the world's largest exporter.
a) TRUE
b) FALSE
c)
d)

Taxes that are added to imported goods.
a) Tariffs
b) Embargoes
c) Quotas
d)

When a country limits the amount of goods coming in from another country...
a) Quotas
b) Embargoes
c) Tariffs
d)

When a country refuses to trade with another country
a) Tariffs
b) Quotas
c) Embargoes
d)

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