Government makes all economic decisions & owns most property

In a traditional economy, who decides what to produce?

People follow their custms and make what ancestors made

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Types of Economic Systems

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Questions 13

Answers

1
All of the following are characteristics of free enterprise except...
unlimited government control
customer sovereignty
supply and demand
competition
2
how a country's economy is organized
productive resources
economic inquiry
economic system
None of these.
3
Countries with communist governments have what type of economic systems?
Traditional
Mixed
Command
Market
4
scarcity can best be defined as...
when you are scared to sell something
having too much of something
not having enough of something
when you are scared to buy something
5
command system
None of these.
The consumer answers all economic questions
Government makes some economic decisions
Government makes all economic decisions & owns most property
6
All of the following are examples of traditional economies except...
The United States
Aborigines in Australia
Villages in Africa and South America
Inuit tribes in Canada
7
All of the following are basic economic questions except...
What to produce?
How to produce?
Why to produce?
For whom to produce?
8
T/F There are no pure market economies
false
true
9
Trading without using money
Bartering
Retail
Buying and Selling
The Market
10
Most countries are a combination of which two economic systems?
Market and Command
There are no mixed economies.
Traditional and Market
Command and Traditional
11
a traditional economy is based on...
the market
customs and beliefs
social hierarchy
none of these
12
Which of the following would NOT be considered a command economy?
Mexico
North Korea
Soviet Union
Cuba
13
In a traditional economy, who decides what to produce?
The government makes all economic deicsions
People follow their custms and make what ancestors made
The village decides
Consumers decide

Types of Economic Systems Flashcards | StudBud