Economic Systems CE 11 A And B Question Preview (ID: 46535)


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What are the three economic questions that every country must answer?
a) What can we make? Who will want it? Where will we sell it?
b) What resources do we have? What do people like? How can we make the product?
c) What will be produced? How will it be produced? For whom will it be produces?
d) Where are we? What do we want? Where can we get it for the cheapest price?

If the government has total control over a nation's economic system, what type of economic system does it have?
a) free market
b) command
c) mixed
d) traditional

If a nation's economic system has very limited or little government involvement, what type of economy does it have?
a) free market
b) tracitional
c) command
d) mixed

If a nation's economic system is based on what has been done in the past. what type of economic system does it have?
a) traditional
b) mixed
c) free market
d) command

If a nation's economic system is a combination of command and free market, what type of economy does it have?
a) free market
b) command
c) mixed
d) traditional

If there is a public sector and a private sector in an economic system, then what type of economic system are we referring to?
a) command
b) mixed
c) traditional
d) free market

Which economic system is being described? Has central ownership of property and resources by the government, centrally planned economy and there is a lack of consumer choice
a) tracitional
b) mixed
c) free market
d) command

What are the four types of economic systems found in countries?
a) command, traditional and free market, mixed and free enterprise
b) tradidional, mixed, free market and command
c) traditional system, modern system, common system, controlled system
d) traditional, past, present, mixed and command

What is competition?
a) When there are more than one business trying to gain the consumer's money
b) When resources compete with each other to be selected for use
c) when people compete for attention in the economy
d) when there is fighting and panic during a sale ( Black Friday)

Who helps determine the price of an item?
a) consumer sovereignty
b) profit motive
c) individuals producing
d) the public sector

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