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Economic Systems and Daily Life Answers

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1
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The goal of a market economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
2
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Which statement best describes a mixed market economy?

A
Consumer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
3

What is prohibited in a command economy? Select two answers.the control of prices and income levelsthe rationing of manufactured goodsthe personal ownership of propertythe influence of consumer demandthe intervention of the government

A
the control of prices and income levels
B
the rationing of manufactured goods
C
the personal ownership of property
D
the influence of consumer demand
E
the intervention of the government
4

Which statement best describes a command economy?

A
Government intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
5

A command economy tends to exist under a

A
democratic government that provides little regulation.
B
socialist government that provides some regulation.
C
representative government that provides no regulation.
D
communist government that provides a lot of regulation.
6

Which statement best describes a pure market economy?

A
Producer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
7

The goal of a command economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
8

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
9

What is one way a market economy affects the lives of private citizens?

A
Citizens can change jobs relatively easily.
B
Citizens cannot choose their own careers.
C
Citizens do not have to pay for their housing.
D
Citizens have little freedom and independence.
10

The citizens of the United States live and work in a

A
closed economy.
B
command economy.
C
mixed market economy.
D
pure market economy.

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