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Economics Chapter 2 Lesson 3 Flashcards | StudBud

Explore/Economics Chapter 2 Lesson 3

Economics Chapter 2 Lesson 3

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Questions 6

Answers

1
A transitional economy:
Continues the way its ancestors did
Changes or shifts
Stays the same over a long period of time
2
Which is true of ALL modern economic systems?
They are all command economies
They are all mixed economies
They are all traditional economies
They are all market economies
3
Which nation would be closest to the command side of this economic continuum?
The United Kingdom
China
The United States
North Korea
4
Which nation would be closest to the market side of this economic continuum?
China
North Korea
The United Kingdom
THe United States
5
Which nation is an example of a transitional economy today?
The United Kingdom
China
Cuba
North Korea
6
A mixed economy is:
A collection of points on a straight line
A changing or shifting economy
A combination of some elements from all 3 types of economies
Using as few resources as possible