In a command economy, citizens_______________.

must follow the economic plan created by the government

An economic system is successful when it______________________________.

satisfies the needs of its people.

Which statement describes a traditional economy?

People usually produce only what they need.

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Economics

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Questions 18

Answers

1
North Korea is an example of____________________________.
a market economy.
a command economy.
capitalism.
free enterprise.
2
A great variety of goods and services is characteristic of _______________.
a traditional economy
all economic systems.
a market economy.
a command economy.
3
Volkswagon builds a new factory. This is an example of investment in ...
human capital
human resources
natural resources
capital goods
4
Which group of people determines the products that a free enterprise economy produces?
property owners
Congress
local officials
consumers
5
Someone who makes something to buy and sell is called...
consumer
production
trade
producer
6
In a command economy, citizens_______________.
base their economic decisions on traditional gender roles
can control the private ownership of their property
must follow the economic plan created by the government
have the personal freedom to purchase new land
7
The amount of a product you have is called?
supply
demand
capital
budget
8
Changes in a market economy tend to be__________________________.
prohibited.
rapidly occurring.
slow.
discouraged.
9
The _______ of a decision is the value of the good or service given up.
economics
opportunity cost
efficiency
scarcity
10
What can the store do to increase the demand after Halloween and sell the candy?
raise the price of the candy
lower the price of the candy
find even more candy to sell
answer not shown
11
An economic system is successful when it______________________________.
controls government agencies.
satisfies the needs of its people.
creates a large number of wealthy people.
maintains normal unemployment levels.
12
United Kingdom, Russia, and Germany all have...
healthcare run by private businesses
mixed economies
command economies
economies free of government control
13
An entrepreneur must ___________________________.
have mix of resources to be successful
have great ideas
be willing to take financial risks
all choices
14
The person or party that purchases the products is called...
producer
production
trade
consumer
15
Trade barriers come in the form of
both embargoes and tariffs
tariffs
imports
embargoes
16
Which statement describes a traditional economy?
People usually produce only what they need.
Only entrepreneurs are allowed to export foreign goods.
The government owns the means of production.
A monarch decides who produces what and how much.
17
Which is not one of the questions of production?
How are resources used?
For what are resources used?
Where are resources used?
For whom are resources used?
18
Which of the following is an example of "portfolio investment"?
An American puts $10,000 into a money market fund
Swiss Bank buys Union Bank of the United States
All Choices
A person places money in a savings account in the UK.

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