Answers26-27 Ignite Economics-KY-EconomicsIntroduction to Economics

Economic Systems Answers

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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.
2
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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.
3

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.
4

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.
5

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.
6

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
7

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.
8

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.
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

In a communist command economy, workers are employed by

A
the agencies.
B
the consumers.
C
the producers.
D
the state.

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