AnswersOC27 US GOVT-2106310-Sem-MeadowsComparing Economic Systems

4.2 Comparing Economic Systems Answers

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Which questions do economic systems help answer? Choose three correct answers.Which goods should always be produced?What should be produced?How should goods be produced?Who should produce the goods being sold?Who should goods be produced for?

A
Which goods should always be produced?
B
What should be produced?
C
How should goods be produced?
D
Who should produce the goods being sold?
E
Who should goods be produced for?
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Read the descriptions of the economic systems used by two different countries, and select the system that best matches.

Answers:
Businesses in this country thrive on competition. If you can make something better and cheaper, then more people will buy from you than from your competitors.:free market
In this country, the government decides what should be produced to best meet our goals for the next three years.:command
My government controls our supply lines, so getting goods to people is very efficient and inexpensive.:command
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✔ commandfree markettraditional

A
✔ command
B
free market
C
traditional
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✔ commandfree markettraditional

A
✔ command
B
free market
C
traditional
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Read the descriptions of the economic systems used by two different countries and select the system that best matches.

Answers:
My government collects taxes to fund free health care and benefits for people who are unable to work.:mixed
In my country, our economy is driven by the needs of the market, but the government will occasionally step in to make sure everything is working like it’s supposed to.:mixed
The government never interferes with private businesses in my country.:free market
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✔ mixedfree markettraditional

A
✔ mixed
B
free market
C
traditional
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mixed✔ free markettraditional

A
mixed
B
✔ free market
C
traditional
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Read the economic goals, and select which goal best fits the ideals of free, command, or mixed market economies.

Answers:
Producers can make their own choices.:free market
Markets should operate predictably.:mixed market
Everyone has the same economic opportunities.:free market
Economic planning should be centralized.:command market
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command marketfree market✔ mixed market

A
command market
B
free market
C
✔ mixed market
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command market✔ free marketmixed market

A
command market
B
✔ free market
C
mixed market
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✔ command marketfree marketmixed market

A
✔ command market
B
free market
C
mixed market
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Which option best describes the advantages of the US economy?

A
Production goals are set each year and rarely change.
B
Markets are heavily regulated, which leads to more stable pricing.
C
Competition leads to innovation and lower prices.
D
Monopolies help establish supply lines and infrastructure.
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Compare free market and command systems. Which statement can be confirmed using the chart?

A
Free market systems generate more GDP than command systems.
Option A
B
Command systems produce more GDP per capita than free market systems.
Option B
C
Free market systems generate more GDP per capita than command systems.
Option C
D
Command systems produce less GDP than free market systems.
Option D
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While the Cuban economy provides strong social support systems for its citizens, it:

A
lacks flexibility, which makes responding to emergencies more difficult.
B
does not provide for retirement.
C
has high unemployment rates.
D
does not help with utilities or food stability.
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Compare mixed and free market systems. Which statement can be confirmed using the chart?

A
The GDP of mixed systems is lower than that of free market systems.
Option A
B
The GDP of mixed systems is higher than free market systems.
Option B
C
The GDP per capita is always higher in mixed systems.
Option C
D
The GDP per capita is always lower in free market systems.
Option D
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Read the economic goals, and select which goal best fits the ideals of free, command, or mixed market economies.

Answers:
Producers can make their own choices.:free market
Markets should operate predictably.:mixed market
Everyone has the same economic opportunities.:free market
Economic planning should be centralized.:command market

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