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BBB4M Economic Systems Review Flashcards | StudBud

Explore/BBB4M Economic Systems Review

BBB4M Economic Systems Review

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Questions 10

Answers

1
The US uses a mixed economy
True
False
2
Command economy also known as
planned economy
service economy
developed economy
Governmental economy
3
Command Economy Meaning?
one in which someones central authoirty to an item
none of the above
one in which someones central authority
one in which a central authority decides what goods will be produced
4
A mixed economy (like Australia's) combines elements of the free market and ...
oligopolies.
a planned economy.
open borders.
greed.
5
The Australian economy is not a completely free market because
resources are used wisely.
producers and consumers are equal.
the government regulates some economic transactions.
we have to pay for goods and services.
6
Which county has a mixed economy?
United States
Canada
Cuba
All of the above
7
Which economic system does the cartoon below best describe?
planned
subsistence
market
mixed
8
What nations has a command economy?
North Korea
Canada
USA
Cuba
9
Which is not true about a Free Market Economy?
Resources are owned by the government
There is limited government control on what/how to produce
The market determines prices
There is no economic plan
10
What is an advantage of a Free Market?
Economic Efficiency
Market
Buying Chicken
Prices