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Economic Systems
All of the following are basic economic questions except...
things that people do for others
Economic Systems
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Answers
1
things that people do for others
stocks
markets
goods
service
2
All of the following are basic economic questions except...
For whom to produce?
How to produce?
What to produce?
Why to produce?
3
how a country's economy is organized
economic inquiry
economic system
None of these.
productive resources
4
subsistence agriculture is most often found in...
command economies
none of these
market economies
traditional economies
5
Countries with communist governments have what type of economic systems?
Traditional
Command
Mixed
Market
6
Most countries are a combination of which two economic systems?
Traditional and Market
Market and Command
There are no mixed economies.
Command and Traditional
7
All of the following are examples of traditional economies except...
The United States
Villages in Africa and South America
Inuit tribes in Canada
Aborigines in Australia
8
a traditional economy is based on...
customs and beliefs
social hierarchy
the market
none of these
9
cottage industry can best be described as...
building houses
none of these
People make goods [by hand] in their own homes/small shops
manufacturing in factories
10
All of the following are characteristics of free enterprise except...
competition
customer sovereignty
unlimited government control
supply and demand
11
In a traditional economy, who decides what to produce?
People follow their custms and make what ancestors made
The village decides
The government makes all economic deicsions
Consumers decide
12
T/F There are no pure market economies
true
false
13
Crop production is intended for distribution to wholesalers and retailers
commercial agriculture
commercial industry
none of these
subsistence agriculture
14
Which of the following would NOT be considered a command economy?
North Korea
Cuba
Mexico
Soviet Union
15
scarcity can best be defined as...
when you are scared to sell something
having too much of something
when you are scared to buy something
not having enough of something
16
Trading without using money
Buying and Selling
Retail
The Market
Bartering
17
command system
Government makes all economic decisions & owns most property
None of these.
The consumer answers all economic questions
Government makes some economic decisions
18
things that people make
equity
service
market
goods
