Economics - Chapter 2-1 Economic Systems

Question 1

An advantage includes an incredible variety of goods and services.

Accepted Answer

Market

Question 2

People may control their possessions as they wish. Which characteristic of capitalism is this?

Accepted Answer

Private Property rights

Question 3

Advantages include individual freedom for everyone and lack of government interference.

Accepted Answer

Market

Question 4

Producers and sellers compete with one another to attract consumers, while lowering costs.

Accepted Answer

Competition

Question 5

People may choose their jobs, employers, and how to spend their money.

Accepted Answer

Economic Freedom

Question 6

This type of economic system combines elements from the traditional, command, & market systems.

Accepted Answer

Mixed

Question 7

Buyers and sellers may engage freely and willingly in market transactions.

Accepted Answer

Voluntary Exchange

Question 8

Disadvantages include a lower standard of living & discouragement of new ways of doing things.

Accepted Answer

Traditional

Question 9

The United States is an example of a ___________ economic system.

Accepted Answer

Mixed

Question 10

Advantages include a stable & predictable lifestyle where you follow your parents career path.

Accepted Answer

Traditional

Question 11

Disadvantage includes workers & businesses face uncertainty as a result of competition &change.

Accepted Answer

Market

Question 12

Education, healthcare, & other public services are available at little to no cost.

Accepted Answer

Command

Question 13

A disadvantage includes lacking effective incentives to get people to work.

Accepted Answer

Command

Question 14

Advantages include setting forth certain economic roles for all members of the community.

Accepted Answer

Traditional

Question 15

Which is not a basic economic question to determine a society's economic system?

Accepted Answer

How much to produce?

Question 16

The Mbuti of Central America and Inuit tribes are examples of a ___________ economic system.

Accepted Answer

Traditional

Questions 16