Economics System

Question 1

Which of the following is a problem assoicated with communist command economies:

Accepted Answer

There is no competition

Question 2

The most common medium of exchange in modern economic system is

Accepted Answer

Money

Question 3

What actions do consumers take that determines what will be produced in a market economy?

Accepted Answer

Cast economic votes

Question 4

How are products allocated in a traditional economic system?

Accepted Answer

By individuals

Question 5

A major problem for individuals and private businesses in a social command economy is

Accepted Answer

Taxes

Question 6

Capital is

Accepted Answer

All the tools and machinery used to produce goods

Question 7

Economic natural Resources are

Accepted Answer

Soil, water, minerals, plants, and animals

Question 8

Of the answers, when describing Socialist Economy which answer does not fit?

Accepted Answer

Everything is passed down from generation to generation

Question 9

Which of the following types of ecconomic systems adopts the the fewests new ideas

Accepted Answer

Traditional

Question 10

True or False: All Economic systems are pure

Accepted Answer

False

Question 11

Which of the following is a potential problem in market economies:

Accepted Answer

Financial Loss

Question 12

Market Economy is defined as:

Accepted Answer

Individuals are free to make their own decisions

Question 13

In a communist command economy, who decides how the economic questions will an answered?

Accepted Answer

Government

Question 14

Communist Economy is defined as:

Accepted Answer

Government owns everything

Question 15

The way an economic system answers the basic economic question depends upon the country

Accepted Answer

government

Question 16

Traditional Economy is defined as:

Accepted Answer

Citizens have just enough to survive.

Question 17

The absence of growth and progress is the major problem of a_________economic system

Accepted Answer

Traditional

Question 18

True or False: Demand is the quantity of goods that consumers want to purchase

Accepted Answer

True

Question 19

Which of the following is an element found in all economic systems?

Accepted Answer

Participants

Question 20

A country that currently has a communist command economic system is

Accepted Answer

China

Question 21

The Way in which a country makes economic decisions is called

Accepted Answer

System

Question 22

True or False: Supply is the quantity of goods available for purchase

Accepted Answer

True

Question 23

An example of a country that has a socialist command command economy is

Accepted Answer

Great Britain

Question 24

What consumers want and need helps to answer the basic economic question of

Accepted Answer

What products will be produced

Question 25

What type of economic system is used in the United States?

Accepted Answer

Market

Economics System

Questions 25

Economics System

Questions 25