MBA EC17 Economic Systems

The way in which an economic system answers the basic economic questions depends upon the country’s

One of the reasons that a country needs an economic system is because it

Which of the following items is found in all economic systems:

Gov't controls the economic system, doesn't allow private ownership of production & distribution in a _________ economy.

Which of the following types of economic systems adopts the fewest new ideas or improvements:

In a traditional economic system, the question of what to produce is answered by producing

A major problem for individuals and private businesses in a socialist command economy is

Which of the following cultures has a traditional economic system:

What type of economic system is used in the United States?

Government owns the basic means of production, but there is some private ownership of businesses under

Communist command economies are most likely to experience which of the following problems:

The most common medium of exchange in modern economic systems is

Which of the following is a potential problem in market economies:

Individuals & businesses own production and distribution with limited government regulation in a __________ economy.

In a communist command economy, who decides how the economic questions will be answered?

An example of a country that has a socialist command economy is

What action do consumers take that determines what will be produced in a market economy?

In a socialist economic system, who tends to answer the question of how products will be produced?

A country that currently has a communist command economic system is

Lack of economic growth is a major problem for __________ economic systems.