Answers 26-27 Ignite Economics-KY-EconomicsEconomic Systems

Economic Systems Answers

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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

the control of prices and income levels

the rationing of manufactured goods

the personal ownership of property

the influence of consumer demand

the intervention of the government

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

Citizens cannot make most economic decisions.

Citizens can only work in factories or on farms.

Citizens must pay for their own health care.

Citizens have limited access to education.

Which statement best describes a mixed market economy?

Consumer intervention in economic choices is strictly forbidden.

The government determines economic choices and makes most decisions.

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

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

The citizens of the United States live and work in a

closed economy.

command economy.

mixed market economy.

pure market economy.

Which statement best describes a pure market economy?

Producer intervention in economic choices is strictly forbidden.

The government determines economic choices and makes most decisions.

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

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

A command economy tends to exist under a

democratic government that provides little regulation.

socialist government that provides some regulation.

representative government that provides no regulation.

communist government that provides a lot of regulation.

The goal of a command economy is to

sustain self-sufficiency.

preserve traditional customs.

create equality within a society.

promote free economic choices.

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

The government allows citizens to own private businesses.

The government blocks the ownership of personal property.

The government owns all homes and other forms of housing.

The government controls factories and other forms of production.

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

Citizens can change jobs relatively easily.

Citizens cannot choose their own careers.

Citizens do not have to pay for their housing.

Citizens have little freedom and independence.

What restriction would the government impose in a closed economy?

The government would prohibit trade with other nations.

The government would set the prices for imported goods.

The government would preserve traditional customs only.

The government would prevent private ownership of property.

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Economic Systems Answers

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