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EC017 Objective A Quiz Flashcards | StudBud
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EC017 Objective A Quiz
EC017 Objective A Quiz
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Answers
1
Which of the following items is found in all economic systems?
technology
dollars
subsistence
participants
2
One of the reasons that a country needs an economic system is because it
is independent of other nations
has a limited supply of resources
has limited wants and needs
has immigrants from several countries
3
Which of the following types of economic systems adopts the fewest new ideas or improvements:
Market
Socialst Command
Traditional
Command
4
The most common medium of exchange in modern economic systems is
money
captial
barter
credit
5
What type of economic system is used in the United States?
Traditional
Communist command
Sociaist command
Market
6
Individ's & businesses own the means of production/distribution with limited gov't regulation
traditional
communist
market
socialist
7
Gov't does not allow private ownership of the means of production and distribution in a ?
traditional economic system
communist command
market economic system
socialist command economic system
8
Gov't owns the basic means of production, but there is some private ownership of businesses
entrepreneurship
socialism
communism
capitalism
