Unit 1B Quiz: Economic Systems

3 Economic Questions

Which has government regulation?

This Economic System involves traditions and customs guiding the decisions. 

Little innovation, based on customs

Which is NOT a social economic goal?

Which of these is not permitted in a market-oriented economic system?

The United States has a

Example of government's role in a mixed, market-based economy like the U.S.

Which is not an economic goal?

Least likely to have incentive for workers to work hard

Most associated with economic goal of equity

One disadvantage to a market economy is

Greatest amounts of competition, property ownership

Lowest levels of individual freedom, consumer sovereignty, and efficiency

Which is NOT a method for allocating scare resources?

Allocates resources in a market economy

In this economy, the government owns and decides the allocation of all resources.

The United States economy

One advantage of a command economy is that it is more likely to meet this economic goal.

The way a society answers the 3 economic questions determines its:

Increased productivity is most associated with which economic goal?

Distribution of wealth and income in a society would be related to which goal?