CE.11B - Economic Systems Question Preview (ID: 62980)


CE.11B - Economic Systems. TEACHERS: click here for quick copy question ID numbers.

Every country must develop an economic system to determine how to use its ____________ productive resources.
a) growing
b) limited
c) developing
d)

The key factor in determining the type of economy a country has is the extent of _______________ involvement.
a) individual
b) group
c) government
d)

The greater the amount of decision making that is left to the _____________, the closer a system is to a free market system.
a) centralized authority
b) individual
c)
d)

The greater the amount of decision making that is left to a/an ________________________, the closer the system is to a command system.
a) centralized authority
b) individual
c)
d)

Name the economic system described. Economic decisions are based on custom and historical precedent. • People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
a) command
b) free market
c) mixed
d) traditional

Name the economy system described. Private ownership of property/resources, Profit motive, Competition, Consumer sovereignty, Individual choice, and Minimal government involvement in the economy
a) command
b) free market
c) mixed
d) traditional

Name the economic system described. Central ownership (usually by government) of property/resources, Centrally planned economy, Lack of consumer choice
a) command
b) free market
c) mixed
d) traditional

Name the type of economic system described. Individuals and businesses are owners and decision makers for the private sector. The government is owner and decision maker for the public sector. The government’s role is greater than in a free market.
a) command
b) free market
c) mixed
d) traditional

In which economic system is the government most involved?
a) command
b) free market
c) mixed
d) traditional

In which economic system is the government least involved?
a) command
b) free market
c) mixed
d) traditional

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