Economic Systems — Quiz Answers

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Which nation has a communist command economy?

South Korea

North Korea

the United States

Norway

The goal of a command economy is to

create equality within a society.

preserve traditional customs.

promote free economic choices.

sustain self-sufficiency.

The goal of a market economy is to

sustain self-sufficiency.

promote free economic choices.

create equality within a society.

preserve traditional customs.

How does the government of a republic typically shape its economy?

The government owns all homes and other forms of housing.

The government allows citizens to own private businesses.

The government controls factories and other forms of production.

The government blocks the ownership of personal property.

A mixed market economy tends to exist under a

communist government that provides little regulation.

democratic government that provides some regulation.

socialist government that provides a lot of regulation.

representative government that provides no regulation.

A command economy tends to exist under a

socialist government that provides some regulation.

democratic government that provides little regulation.

communist government that provides a lot of regulation.

representative government that provides no regulation.

Which nation has a command economy?

the United States

South Korea

Norway

Cuba

Which statement best describes a mixed market economy?

The decisions made by producers and consumers drive all economic choices.

Producers and consumers make some economic choices while the government makes others.

Consumer intervention in economic choices is strictly forbidden.

The government determines economic choices and makes most decisions.

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