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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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A quiz designed to introduce the concept of economic systems in a high school economics classroom.
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
Which country has never operated under a command economy?
North Korea
The United States
Russia
China
2
In a Free Market/Mixed Economy advertisements are used to help ____________ make choices.
Producers
Consumers
The Government
Creators
3
What model best describes how voluntary exchange works in a free market economy?
Monetary Transportation Model
Government Intervention Model
Circular Flow of Money Model
Entrepreneurship Model
4
A ___ economy is when people rely on customs to decide what to produce.
Command
Free Market
Mixed
Traditional
5
Money has all of the following functions except ______.
Measure of Value
Change of Value
Store of Value
Medium of Exchange
6
Karl Marx came up with the idea for which economic system?
Mixed
Traditional
Free Market
Command
7
Which economic system is a theory but has not been able to exist?
Mixed
Totally Free Market
Command
Traditional
8
A ___ economy means that producers choose what to produce without intervention from government.
Command
Free Market
Traditional
Mixed
9
The United States uses which economic system?
Command
Mixed
Traditional
Free Market
10
Adam Smith is considered to be the "founder" of what economic system?
Mixed
Free Market
Command
Traditional
11
A ___ economy is when the government makes the decisions about what to produce.
Mixed
Command
Free Market
Traditional
12
A barter system is most likely to be found in which economic system?
Free Market
Mixed
Command
Traditional
13
_______ is anything that is generally accepted as payment for goods and services.
Competition
Public Property
Entrepreneurship
Money
