4B Economic Systems Review Game

Question 1

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

Accepted Answer

Competition

Question 2

The Soviet Union had a communist government for most of 20th century. What type of economy did it have?

Accepted Answer

Command

Question 3

What is a mixed economy?

Accepted Answer

An economy that is neither pure command nor pure market

Question 4

Which country on this chart has the least government control over its economy?

Accepted Answer

Canada

Question 5

Which country on this chart has a "mixed market" economy?

Accepted Answer

Canada

Question 6

1000 years ago, most people grew their own food and traded it for things they needed. Which type of economy is this?

Accepted Answer

Traditional economy

Question 7

Which term best describes an economic system in which the PEOPLE, not the government, own the land and businesses?

Accepted Answer

Market economy

Question 8

BONUS: What was the name of Adam Smith's writing that historians consider the first book in the field of Economics?

Accepted Answer

On the Wealth of Nations

Question 9

The economic system of the United States is MOST like which of the following?

Accepted Answer

market economy

Question 10

If Australia's government chose to increase its control over the economy, which way would its line move on this chart?

Accepted Answer

Closer to pure command

Question 11

Read this chart again. What kind of economy does Canada have?

Accepted Answer

Market economy

Question 12

Which of these examples represents what happens in a traditional economy?

Accepted Answer

Bartering with a seller

Question 13

What could Cuba's government do to move its line to the right on the chart?

Accepted Answer

Allow more people to start and own their own businesses.

Question 14

When a country has a market economy, which of these statements is correct?

Accepted Answer

Companies choose what to produce and consumers choose what to buy

Question 15

BONUS: Identify the economic theory first described by Scottish philosopher Adam Smith.

Accepted Answer

Capitalism

Question 16

Identify the economic system described by Luca.

Accepted Answer

Command

Question 17

The "law" that determines the price of goods and services in a market economy is the Law of _________.

Accepted Answer

Supply and Demand

Question 18

In which economic system is the production of goods and services the responsibility of people & businesses?

Accepted Answer

Market

Question 19

The economic system used by communist countries is which of the following?

Accepted Answer

Command economy

Question 20

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

Accepted Answer

Mixed market

Question 21

Read the list below. What type of economy is described here?

Accepted Answer

Market

Question 22

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

Accepted Answer

Their economy was probably traditional.

Question 23

How do Canada's and Cuba's governments differ in terms of who decides who gets what?

Accepted Answer

Cuba's government controls everything; Canada's controls some.

Question 24

North Korea is the world’s most repressed economy, with a system of strict government control. North Korea has a:

Accepted Answer

Command economy

Question 25

BONUS: Identify the economic theory first described by German philosopher Karl Marx.

Accepted Answer

Communism, Socialism

Question 26

Which of the following best describes a market economy?

Accepted Answer

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

Question 27

Which country on this chart has a "mixed command" economy?

Accepted Answer

Cuba

Question 28

Identify the economic system described by Billy Bob.

Accepted Answer

Market

4B Economic Systems Review Game

Questions 28

4B Economic Systems Review Game

Questions 28