Economic Systems Review

Question 1

In which type of economy are all economic decisions made by the government?

Accepted Answer

command

Question 2

Economic decisions are made based on the chanced in prices that occur as buyers and sellers interact in the market place

Accepted Answer

in market economies

Question 3

Countries that are closest to pure command economies all have a Communist governments.

Accepted Answer

True

Question 4

There are some pure command and pure market economies.

Accepted Answer

False

Question 5

The command economic system has been very successful.

Accepted Answer

False

Question 6

What is a limited supply of something called?

Accepted Answer

scarcity

Question 7

Goods and services are produced the same way that ancestors produced them in which type of economy?

Accepted Answer

traditional

Question 8

Which is not a type of economic system?

Accepted Answer

barter

Question 9

Who consumes the goods and services in a market economy?

Accepted Answer

consumers

Question 10

Which type of economy is based on the customs and traditions of the past?

Accepted Answer

traditional

Question 11

The competition between companies that shifts prices of goods and services is known as...

Accepted Answer

free enterprise

Questions 11