EC-907 Posttest

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

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

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

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

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

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

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

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

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

In a economy the government controls the economic system and does not allow private ownership of the means of production

A country that currently has a communist command economic system is

In a economy individuals and businesses own the means of production and distribution with limited government regulation.

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

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

Which of the following cultures has a traditional economic system:

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

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

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

The most common medium of exchange in modern economic systems is

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