Economic Systems Question Preview (ID: 61613)


Economic Systems. TEACHERS: click here for quick copy question ID numbers.

Lanii lives in a country where the government does not interfere, giving her freedom to operate her business in a manner that is best for her. She can increase production when demand is high and lower it when demand is low. Lanii keeps all her profit
a) Traditional
b) Capitalism
c) Communism
d) Socialism

Rikkard and Jaana are guaranteed decent living conditions by their government. In addition to having all medical bills paid, they receive payments when wages are lost due to illness to help cover other expenses. Rikkard and Jaana’s economic system is
a) Traditional
b) Capitalism
c) Communism
d) Socialism

Kim lives in a country that ended private ownership of land and created several large government-owned farms. The government also took control of all the businesses and industries in this country. The economic system Kim’s country has is…
a) Traditional
b) Capitalism
c) Communism
d) Socialism

Anna operates her business and carefully follows all federal and state regulations. She pays her share of taxes and receives many benefits from the government including free education through college. The economic system Anna’s country has is…
a) Traditional
b) Capitalism
c) Communism
d) Socialism

Cho lives in Myanmar where her father grows just enough food to feed his family. He is farming the same land Cho’s great-grandfather farmed years before. Years from now, the land will be passed down to Cho’s brothers. Cho’s economic system is…
a) Traditional
b) Capitalism
c) Communism
d) Socialism

Country F strives for the fair and just distribution of society’s resources. Their main economic goal is…
a) Economic Efficiency
b) Economic Equity
c) Economic Freedom
d) Economic Security

Country E strives for a society in which all people have access to all the goods and services they count on. Their main economic goal is…
a) Economic Efficiency
b) Economic Equity
c) Economic Growth
d) Economic Stability

Country C wants to provide the less fortunate with the support they need to live decently. Their main economic goal is…
a) Economic Efficiency
b) Economic Equity
c) Economic Growth
d) Economic Security

Country D has the ability to produce more and better goods and services which leads to an improved standard of living. Their main economic goal is…
a) Economic Freedom
b) Economic Growth
c) Economic Security
d) Economic Stability

Country B wants to make the most of its resources. Their main economic goal is…
a) Economic Efficiency
b) Economic Freedom
c) Economic Growth
d) Economic Security

Which of the following is NOT one of the 3 Fundamental Economic Questions?
a) For WHOM will it be produced?
b) HOW will it be produced?
c) WHAT will be produced?
d) WHY will it be produced?

Country A wants to make their own economic decisions without interference from the government. Their main economic goal is…
a) Economic Equity
b) Economic Freedom
c) Economic Security
d) Economic Stability

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