CE11b Types Of Economic Systems Question Preview (ID: 46534)
2019.
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What is profit motive?
a) In a free market economic system the people are motivated to work hard because they can make money
b) money is the motive for everything people do
c) In a command economy the government the people are motivated by not being punished for being lazy
d) In a free market economy the people are rewarded with money for not working hard
Which economic system has both a private and public sector?
a) traditional
b) mixed
c) command
d) free market
Which economic system has competition and consumer sovereignty?
a) traditional
b) command
c) free market
d) Social
What type of economic system has a centrally planned economy?
a) mixed
b) freemarket
c) command
d) free market
What kind of an economic system has minimal government involvement in the economy?
a) communism
b) free market
c) traditional
d) command
Which type of an economic system has little or a lack of consumer choice?
a) command
b) mixed
c) traditional
d) communism
What type of economic system has individual choice and consumer sovereignty, competition, profit motive and private ownership of resources and property?
a) free market
b) mixed
c) command
d) traditional
Which economic system includes the United States and most countries today?
a) free market
b) command
c) Mixed
d) traditional
Which economic system has individuals and businesses owners are the decision makers for the private sector, while the government makes decision for the public sector?
a) free market
b) mixed economy
c) command economy
d) traditional economy
Which economic system does the United States mixed economy favor?
a) free market
b) command
c) traditional system
d) mixed
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