Which of the following features of a command economy differentiates it from a socialism?

All production is managed by the government

Which of the statements describe a disadvantage of a traditional economy?

New ways of doing things are discouraged

Which of the following explains why products made under a command economy are of lower quality?

Workers have little incentive to make them well

Which of these is a major advantage of a market economy?

There is a high degree of individual freedom

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Chapter 2 review - MH

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Questions 9

Answers

1
The government answers the 3 economic questions of WHAT? HOW and FOR WHOM to produce for ?
Command economy
Market economy
Mixed economy
Traditional economy
2
Which of the following features of a command economy differentiates it from a socialism?
Some degree of private ownership and activity is allowed
All production is managed by the government
All economic decision are based on custom and habit
All economic decisions are made by the free market
3
Which of these countries has an economy MOST similar to the former Soviet Union?
Norway
Sweden
North Korea
South Korea
4
Which of the statements describe a disadvantage of a traditional economy?
Everyone knows his or her role
New ways of doing things are discouraged
Difficult economic decisions are made by the state
New way of doing things are encouraged
5
Which type of economy is the most prevalent (popular/widespread) today?
traditional
command
mixed
market
6
Which of the following explains why products made under a command economy are of lower quality?
Workers are foced by tradition to use old-fashioned methods
Workers have little incentive to make them well
Workers are manage production facilities on their own
Workers make them without quality-control guidelines
7
Which of the following economic systems is listed from LEAST to MOST flexible?
socialism,command,free market
free market,command, socialism
free market,socialism,command
command,socialism,free market
8
Mr Litvine is
the meanest teacher
the coolest teacher
an economics teacher
lit
9
Which of these is a major advantage of a market economy?
There is a high degree of individual freedom
It can change direction rapidly if needed if markets change
People are offered goods and services they can't afford
There is efficient govt control of production & distribution

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