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Economic Systems #1 Flashcards | StudBud

Explore/Economic Systems #1

Economic Systems #1

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OGT Prep

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Questions 6

Answers

1
Ecuador grows bananas & US wants bananas therefore the US likely?
Discourages US banana market
Taxes bananas grown in US
Increases cost of goods traded with Ecuador
Eliminates tariffs on bananas imported from Ecuador
2
Which is an example of a command economy?
Mercantilism
Capitalism
Anarchy
Communism
3
Most economies in the world today are?
Command
Mixed
Market
Traditional
4
What type of economy are factories owned by individuals and by the government?
Traditional
Market
Mixed
Command
5
Which of the following is a feature of a market economy?
Publicly owned businesses
Lack of industry
Government control
Free enterprise
6
A Traditional economy is based on
nomadic travel
past practice
will of the government
outside influences