Economic Systems

Question 1

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

Revolt · Accepted Answer

The government allows citizens to own private businesses.

Question 2

Which nation has a command economy?

Revolt · Accepted Answer

Cuba

Question 3

What restriction would the government impose in a closed economy?

Revolt · Accepted Answer

The government would prohibit trade with other nations.

Question 4

The goal of a market economy is to

Revolt · Accepted Answer

promote free economic choices.

Question 5

The goal of a command economy is to

Revolt · Accepted Answer

create equality within a society.

Question 6

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

Revolt · Accepted Answer

the personal ownership of property; the influence of consumer demand

Question 7

Which statement best describes a pure market economy?

Revolt · Accepted Answer

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

Question 8

Read the paragraph below, and then decide which type of economy is being described.In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.What type of economy is being described?

Revolt · Accepted Answer

a traditional economy

Question 9

best

Revolt · Accepted Answer

The government determines economic choices and makes most decisions.

Question 10

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

Revolt · Accepted Answer

Citizens can change jobs relatively easily.

Economic Systems Answers

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