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Unit 8 Assessment Review-African Economic Systems Flashcards | StudBud
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Unit 8 Assessment Review-African Economic Systems
Unit 8 Assessment Review-African Economic Systems
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Questions
15
Answers
1
In theory, which type of economic system should NOT experience market fluctuations?
Command economy
Mixed economy
b. Market economy
d. Traditional economy
2
Which is the best description of a command economy?
Based on supply and demand
The government makes no decisions
The government makes all the decisions
Based on citizens needs
3
An economic system that combines different aspects of economic models
Command economy
parliamentary democracy
democracy
Mixed economy
4
Which is the best description of a mixed economy?
Protects private property
A blend of command and market economies
Limited government to achieve various goals
All of the above
5
Which type of economy do most modern countries have?
Traditional
Main
Command
Mixed
6
An economic system that is controlled by the government
Command economy
Mixed economy
supply-and-demand
Market economy
7
If supply is low and demand is high,
Competition disappears.
Prices rise.
Prices remain flat.
Prices drop.
8
Which of the following countries has a mixed economy?
Neither A nor B
United States
China
Both A and B
9
Every economic system asks and answers three questions: What is produced? How is it produced?
How easily can it be produced?
b. Why is it being produced?
Should it be produced at all?
For whom is it produced?
10
Production is typically based on a quota in a command economy.
False
True
11
Which is the best explanation of a market economy?
It’s based on supply
It’s based on supply and demand
It’s based on government control
It’s based on demand
12
Which of the following is not a characteristic of a market economy?
Businesses decide what and how much is made.
Profit is the motivation for most businesses
Supply and demand dictate price and production
Competition between businesses is discouraged.
13
An economic system that is based on supply and demand
supply-and-demand
Market economy
Command economy
Mixed economy
14
The amount of goods/services available and the desire for it
Mixed Market
parliamentary democracy
supply-and-demand
democracy
15
An economic system is a society’s system of production, distribution and consumption of
Stocks and bonds
Factors of production
Goods and services
Natural resources
