Economic Systems

Question 1

The main goal of a command economy is to

Accepted Answer

create economic equality for everyone

Question 2

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

Accepted Answer

free market

Question 3

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

Accepted Answer

command

Question 4

Which type of economy does the US have?

Accepted Answer

mixed

Question 5

In which type of economy do consumers have choices and opportunities to succeed?

Accepted Answer

free market economy

Question 6

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

Accepted Answer

command

Question 7

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

Accepted Answer

traditional

Question 8

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

Accepted Answer

command

Question 9

Which type of economy is likely to have wealthy consumers?

Accepted Answer

free market

Question 10

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

Accepted Answer

command

Question 11

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

Accepted Answer

traditional

Question 12

System based on customs & beliefs that are passed down from one generation to the next

Accepted Answer

traditional

Question 13

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

Accepted Answer

command

Question 14

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

Accepted Answer

free market

Question 15

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

Accepted Answer

command

Questions 15