AnswersFL-2102340-Economics with Financial Literacy Teacher DirectedEconomic Systems

Economic Systems Answers

7 verified answers
1
Free Preview

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
2
Free Preview

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

A
Citizens cannot make most economic decisions.
B
Citizens can only work in factories or on farms.
C
Citizens must pay for their own health care.
D
Citizens have limited access to education.
3

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.
4

The citizens of the United States live and work in a

c
closed economy.
c
command economy.
m
mixed market economy.
p
pure market economy.
5

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.
6

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.
7

The goal of a command economy is to

s
sustain self-sufficiency.
p
preserve traditional customs.
c
create equality within a society.
p
promote free economic choices.
8

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

A
The government allows citizens to own private businesses.
B
The government blocks the ownership of personal property.
C
The government owns all homes and other forms of housing.
D
The government controls factories and other forms of production.
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

What restriction would the government impose in a closed economy?

A
The government would prohibit trade with other nations.
B
The government would set the prices for imported goods.
C
The government would preserve traditional customs only.
D
The government would prevent private ownership of property.
11

Which nation has a communist command economy?

N
Norway
N
North Korea
S
South Korea
t
the United States
12

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?

a
a traditional economy
a
a free market economy
a
a mixed-market economy
a
a command economy
13

What are the pros of a mixed market economy for most citizens? Select three answers.

A
The government provides most basic necessities for citizens.
B
There is a great deal of independence and personal choice.
C
There may be less of a gap between rich and poor people.
D
The government cannot dictate which jobs citizens hold.
E
There may be greater opportunity to become wealthy.
F
The economic system works to promote equality.
14

A mixed market economy tends to exist under a

c
communist government that provides little regulation.
d
democratic government that provides some regulation.
r
representative government that provides no regulation.
s
socialist government that provides a lot of regulation.
15

Which nation has a command economy?

C
Cuba
N
Norway
S
South Korea
t
the United States
16

The goal of a market economy is to

s
sustain self-sufficiency.
p
preserve traditional customs.
c
create equality within a society.
p
promote free economic choices.

Did you find these answers helpful?

More from this Course

Quiz
20 verified answers

Economic Systems

Quiz
30 verified answers

1.4 Economic Systems

Quiz
10 verified answers

Economic Systems and Daily Life

Economic Systems Answers — FL-2102340-Economics…