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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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An #economics quiz for understanding the basics of #economic systems.
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
The government owns some, but not all basic resources under which system?
Traditionalism
mixed economy
Market Economy
traditional
2
What economic system is based mainly on personal choice of the consumer?
Traditional
Command
Mixed
Market
3
"Centrally Planned" is another term for what economic system?
Mixed
Command
Traditional
Market
4
What system involves having the government make all the economic decisions?
Command
Traditional
Mixed
Market
5
What economic system do the majority of countries have?
command
mixed
market
traditional
6
Which system allows for no ownership of private property?
Command
Mixed
Market
Capitalism
7
When the demand for a product goes up, what will the price do?
goes up
stays the same
goes down
8
Which of the following is an advantage of command economies?
Problems like shortages and surpluses are rare.
The survival of the people is ensured.
The economy attempts to provide for everyone's needs.
Decisions are well informed by consumers and producers.
9
Which economic system is based on following established customs?
Traditional
Market
Mixed
Command
10
In a market economy the real power is held by
Sellers
Consumers
Government
Producers
11
What type of economy would a dictatorship have?
market
traditional
mixed
command
