Economic Systems 2 VMMS

Question 1

Both Nigeria and South Africa have mixed economies. What is a mixed economy?

Accepted Answer

an economy that is not pure common or pure market

Question 2

If Australia's government increased its control over the economy, on the line of continuum __.

Accepted Answer

they would move closer to pure command

Question 3

Identify the economic system described by Billy Bob.

Accepted Answer

Market

Question 4

Identify the economic system described by Luca.

Accepted Answer

Command

Question 5

Based on the economic strength of these countries, which system makes a stronger economy?

Accepted Answer

market economy

Question 6

500 years ago, most Russian families produced their own food. Which type of economy is this?

Accepted Answer

traditional

Question 7

Which shows a traditional economic system (exchange goods or services rather than use money)?

Accepted Answer

bartering with a seller

Question 8

The best description of Israel's economy today is _________?

Accepted Answer

a mixture of private and government owned businesses

Question 9

Based on the diagram, what type of economy does Israel have?

Accepted Answer

mixed market

Question 10

Identify the economic system described by Musa.

Accepted Answer

Traditional

Question 11

North Korea is the world’s most repressed economy, sticking to a system of government control.

Accepted Answer

North Korea has a command economy.

Question 12

In the 1900s, most people in the Middle East lived in rural villages as subsistence farmers.

Accepted Answer

Their economy was probably traditional.

Question 13

When a country has a market economy, which of these statements correctly defines this system?

Accepted Answer

companies produce what they want and consumers choose to buy

Question 14

Which of the following best describes a market economy?

Accepted Answer

a person can start any legal business and change any price.

Question 15

The Soviet Union had a communist government for most of 20th century, so the economy was _?

Accepted Answer

command

Question 16

Which country has a mixed command economy?

Accepted Answer

Cuba

Question 17

Why does Germany's economic system provide for a larger per capita GDP than Russia's?

Accepted Answer

because Germans have more economic freedoms

Question 18

What type of economy does the list below show India is moving toward?

Accepted Answer

market

Question 19

The economic system of the United States is mostly closely related to which of the following?

Accepted Answer

market

Question 20

What type of economy does Australia have?

Accepted Answer

mixed Market

Question 21

Which country has the least government controls over businesses?

Accepted Answer

Canada

Question 22

In which system are the production and distribution of goods owned by people & companies?

Accepted Answer

market

Question 23

The economic system of communist countries is most closely related to which of the following?

Accepted Answer

command

Question 24

A market economy is very different from a command economy. Which is found in a MARKET economy?

Accepted Answer

competition

Question 25

What could Cuba due to move to the right on the continuum?

Accepted Answer

Encourage more entrepreneurs to start their own business.

Question 26

Which country has the economy that is closest to pure market?

Accepted Answer

Canada

Question 27

How do Canada and Cuba differ in terms of what, how, and for whom to produce goods?

Accepted Answer

Cuba's government controls everything; Canada controls some.

Question 28

Which product will MOST likely be produced by a society with a traditional economy?

Accepted Answer

crops

Question 29

Which term best describes an economic system in which the PEOPLE own land and businesses?

Accepted Answer

market

Question 30

Pick 2 reasons why economies rarely belong at either extreme of an economic systems continuum.

Accepted Answer

governments make laws to protect people and run countries, a mix of market and government needs to distribute goods

Economic Systems 2 VMMS

Questions 30

Economic Systems 2 VMMS

Questions 30