AnswersKY-EconomicsThe Three Questions of Economics

Economic Systems Answers

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1
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Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
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

What is prohibited in a command economy? Select two answers.

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
4

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.
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

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.
7

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.
8

In a communist command economy, workers are employed by

A
the agencies.
B
the consumers.
C
the producers.
D
the state.
9

The most common economic system in the world is a

A
closed economy.
B
command economy.
C
mixed market economy.
D
traditional economy.
10

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.

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Economic Systems Answers — KY-Economics