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