BE 2.03

Question 1

Government controls the economic system and doesn't allow private ownership of the means of production and distribution

Accepted Answer

communist command

Question 2

A country that currently has a communist command economic system is

Accepted Answer

North Korea.

Question 3

The way in which an economic system answers the basic economic questions depends upon the country’s

Accepted Answer

government

Question 4

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

Accepted Answer

Financial loss

Question 5

One of the reasons that a country needs an economic system is because it

Accepted Answer

has a limited supply of resources.

Question 6

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

Accepted Answer

Government

Question 7

In a traditional economic system, the question of what to produce is answered by producing

Accepted Answer

what has always been produced.

Question 8

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

Accepted Answer

taxes.

Question 9

Which of the following items is found in all economic systems:

Accepted Answer

Participants

Question 10

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

Accepted Answer

Cast economic votes

Question 11

In a socialist economic system, who tends to answer the question of how products will be produced?

Accepted Answer

Government and business

Question 12

The most common medium of exchange in modern economic systems is

Accepted Answer

money

Question 13

Communist command economies are most likely to experience which of the following problems:

Accepted Answer

Poor quality products

Question 14

Which of the following types of economic systems adopts the fewest new ideas or improvements:

Accepted Answer

Traditional

Question 15

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

Accepted Answer

Sweden

Question 16

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

Accepted Answer

Market

Question 17

Government owns the basic means of production, but there is some private ownership of businesses under

Accepted Answer

socialism.

Question 18

Which of the following cultures has a traditional economic system:

Accepted Answer

Amazon Rainforest communities

Question 19

Individuals and businesses own the means of production and distribution with limited government regulation.

Accepted Answer

market

Question 20

Lack of economic growth is a major problem for __________ economic systems.

Accepted Answer

traditional

Questions 20