CE 11a Economic Systems Question Preview (ID: 46533)
2019.
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Why does every country have a type of economic system?
a) it is clearly stated in the country's constitution
b) it just occurs or developes as a society develops or grows
c) so that marketplaces can exist in the country
d) a country must have a way to determine how to use its limited productive resources
What is the key factor in determining the type of economy a country has?
a) the production and consumption of goods and services
b) the factors of production that are available in a country
c) the extent of government involvement
d) the people will determine by voting or the government will decide the ecomonic system
The greater the amount of decision making that is left to the individual, the closer a system is to - what economic system?
a) freed market system
b) command system
c) traditional system
d) mixed system
The greater the amount of decision making that is left to a centralized authority , the close the system is to a - what kind of economic system?
a) free market economy
b) mixed economy
c) command economy
d) traditional economy
What are the basic questions that every economic system must answer?
a) the who, what, when and how a product or service will be made
b) What will be produced, How many resources will it take to produce it, and do they have access to those resources
c) What will be produced, how will it be produced and for whom will it be produced
d) How much will it cost in capital resources , what kind of natural resources will be needed and is there a enough humans
Does each economic system answer the three basic economic questions the same?
a) no
b) yes
c) maybe
d) depends on the resources available
What is a traditional economy?
a) One that has very limited government involvement in the economic decisions
b) one that only has a private sector
c) one that economic decisions are based on custom and historical precedent
d) one that only has a public sector
In a traditional economic system, how are jobs or careers determined?
a) people often perform the same type of work as their parents and grandparents
b) people are free to choose and use their gifts and talents
c) people must only do the work that they have been trained to do
d) is they have great potential then they can proceed to any job in that area
What are the characteristics of a free market economic system?
a) the central ownership is usually the government of property and resources
b) private ownership of property/resources
c) they can only own or have private property is it was already in the family
d) the government has a mjor role in making economic decistions
Which economic system has a profit motive and competition?
a) command economy
b) free market
c) traditional economy
d) communism
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