REVIEW: Types of Economies

Question 1

In a nation operating under a command economy, the Three Questions of economics are decided by

Accepted Answer

a government agency

Question 2

What type of economy does the United States have?

Accepted Answer

Mixed

Question 3

What are the three basic questions that every economic system must answer?

Accepted Answer

What’s produced, how’s it produced, & whoconsumes it

Question 4

The rivalry among buyers and sellers for goods and services is known as

Accepted Answer

free enterprise/competition

Question 5

In this type of economy, all economic decisions are made by individuals.

Accepted Answer

Market

Question 6

Which best explains how traditional economies exchanged goods?

Accepted Answer

bartering

Question 7

The most common type of economy in the world is...

Accepted Answer

Mixed

Question 8

What is depicted in this picture?

Accepted Answer

a man using his human capital knowledge

Question 9

An economy based on custom where families produce enough for their own survival.

Accepted Answer

Traditioal

Question 10

You can own a business, but the government might control parts of it.

Accepted Answer

Mixed

Questions 10