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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Economics Review
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
A type of economy in which the government makes decisions.
Mixed
Planned
Free Market
Command
2
Which of the following economics systems would best fit in the box below?
Laissez-Faire
Mixed
Traditional
Socialism
3
Which of the following is an example of a service?
Restaurant
Food
Clothing
Electronics
4
Which economic system is the orginal form of economics?
Free Market
Traditional
Socialism
Command
5
Which of the following is an example of a good?
Waitress
Plumbing
Clothing
Mowing
6
Which economic system is the United States classified as?
Mixed
Laissez-Faire
Socialism
Command
7
Which type of government system would be best associated with a planned economy?
Absolute Monarchy
Socialist
Anarchy
Democracy
8
Which of the following is an example of a free market economy?
Traditional
Socialsim
Mixed
Laissez-Faire
9
In which of the following types of economies does the government regulate the money supply?
Traditional
Command
Market
Both Market and Command
10
Which of these best describes a command economy?
The government decides what and how much to produce
The law of supply and demand determines the price of goods
There is significant surplus with no price controls
Consumer needs change little from one generation to the next
11
Which type of economic system provides health care for all citizens?
Command
Free Market
Mixed
Socialism
12
Which of the following is a type of mixed economy?
Traditional
Socialism
Command
Planned
13
Which economic system would best fit in the space below?
Traditional
Laissez-Faire
Mixed
Socialism
14
A type of economic system in which there is no government involvement .
Mixed
Command
Laissez-Faire
Free Market
15
North Korea is an example of what type of economy?
Mixed
Laissez-Faire
Free Market
Planned
16
Which government system would be best associate with a mixed economy?
Theocracy
Anarchy
Democracy
Absolute Monarchy
17
_____ is the amount of product that is available for one customer.
Purchase
Demand
Supply
Product
18
Which economic system does not encourage businesses to make their product better?
Command
Mixed
Socialism
Free Market
