1. Economic Systems

Question 1

How was prestige gained in some primitive traditional economic systems?

Accepted Answer

giving goods away to others

Question 2

In which economy do producers have little control over what they sell?

Accepted Answer

command

Question 3

Why do some villages with traditional economies give goods to the tribal leaders?

Accepted Answer

for preferential treatment

Question 4

Which type of economy allows government to limit the number of goods & services?

Accepted Answer

command

Question 5

Most decisions are made by the government in a ___ economy.

Accepted Answer

command

Question 6

Which type of economy does the US have?

Accepted Answer

market

Question 7

Which economy is based on family, customs, and beliefs?

Accepted Answer

traditional

Question 8

This system offers consumers many choices and individuals have many opportunities to succeed...

Accepted Answer

market economy

Question 9

Which type of ecomony is likely to have weatlhy consumers?

Accepted Answer

market

Question 10

Which type of economy are you likely to find neighbors having the same goods and services?

Accepted Answer

command

Question 11

In what type of economy do consumers decide what is produced?

Accepted Answer

market

Question 12

Which kind of economy would probably benefit the most from technology?

Accepted Answer

market

Question 13

Which type of economy offers limited consumer choice and involves government rationing?

Accepted Answer

command

Question 14

Which products do most consumers prefer?

Accepted Answer

quality made

Question 15

What is the main goal of a command economy?

Accepted Answer

create economic equality for everyone

Question 16

Which type of system requires the government to make economic decisions?

Accepted Answer

command

Question 17

A village of hunters and gatherers is a good example of a _____ economy.

Accepted Answer

traditional

Question 18

A ______ system is based on customs & beliefs that are passed down through the generations.

Accepted Answer

traditional

Question 19

A market economy differs from a traditional economy because a traditional economy...

Accepted Answer

lacks modern technology

Question 20

What type of economic system was the "feudal system"?

Accepted Answer

traditional

Questions 20