Economic Systems

Question 1

little or no use of technology

Accepted Answer

traditional

Question 2

there is no competition; business exists only to provide goods/services not to make a profit

Accepted Answer

command

Question 3

government guides and regulates production of goods & services

Accepted Answer

mixed

Question 4

combines elements of pure market & command economies

Accepted Answer

mixed

Question 5

consumers have few if any choices in the market place

Accepted Answer

command

Question 6

choices are determined largely by the environment

Accepted Answer

traditional

Question 7

profit, not quotas, is the motive for increasing work

Accepted Answer

free market

Question 8

also called "capitalist" economy

Accepted Answer

free market

Question 9

resources are owned by the government

Accepted Answer

command

Question 10

custom and tradition govern economic decisions

Accepted Answer

traditional

Question 11

gov't or central authority make all economic decisions

Accepted Answer

command

Question 12

resources are allocated based on inheritance

Accepted Answer

traditional

Question 13

resources are owned by individuals

Accepted Answer

free market

Question 14

competition determines price and increases the quality of products

Accepted Answer

free market

Question 15

individuals have little if any influence over economic functions

Accepted Answer

command

Question 16

type of economic system in the US

Accepted Answer

mixed

Question 17

farming, hunting and gathering are done largely in the same fashion as the generation before

Accepted Answer

traditional

Question 18

economic decisions made by individuals competing to earn profits based on supply/demand

Accepted Answer

free market

Question 19

indiv. freedom is very important

Accepted Answer

free market

Question 20

factories are concerned only with quotas not quality

Accepted Answer

command

Question 21

gov't and individuals share the economic decision making process

Accepted Answer

mixed

Question 22

economic activities are usually centered toward the family, tribe, or ethnic group

Accepted Answer

traditional

Question 23

gov't sets the prices of goods and services

Accepted Answer

command

Question 24

government serves to protect both consumers & producers from unfair policies & practices

Accepted Answer

mixed

Economic Systems

Questions 24

Economic Systems

Questions 24