33. Types Of Economies Question Preview (ID: 50779)


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Which not a type of economy?
a) command
b) free
c) mixed
d) democratic

Which pair is incorrect?
a) Command = Cuba
b) Free = Australia
c) Mixed = USA
d) Free = China

Which is not a characteristic of a command economy?
a) lots of government involvement
b) government makes all of the economic decisions
c) No compeititon
d) Private propety

Which is not a characteristic of a command economy?
a) lots of government involvement
b) government owns all property
c) individual choice
d) no profits

Which is not a characteristic of a free economy?
a) little government involvement
b) individual choice
c) government owns all property
d) competition

Which is not a characteristic of a free economy?
a) little government involvement
b) profit driven
c) consumer sovereignty
d) no competition

Which is not associated with a command economy (communism)?
a) free healthcare
b) government regulation of everything
c) limited choices (i.e. instead of hundreds of restaurants there is just one restuarant )
d) Individuals get to choose what they buy, sell, and produce

Which is not associated with a free economy (capitalism or a free market as in free of government interference)?
a) healthcare is not free; if you pay more you get better quality, pay less then get less
b) quality is better and price is lower because businesses compete
c) Everyone gets free stuff
d) government does not interfere with businesses and consumer choices

In a mixed economy _____________
a) the government is not involved
b) the government makes some decisions (public sector) and individuals and business make some choices (private sector)
c) the government makes all decisions
d) decisions are based on survival

Economies around world fall somewhere on the spectrum between command (Communism) and free (capitalism)
a) True
b) False
c)
d)

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