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Economic Systems Answers

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How does the economy of Cuba differ from the economy of North Korea?

In North Korea, the government’s control of the economy has begun to loosen. In Cuba, the government maintains a tight hold over the economy.

In Cuba, the government’s control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy.

In North Korea, there is economic uncertainty in exchange for individual choice. In Cuba, there is economic security in exchange for government control.

In Cuba, there is economic uncertainty in exchange for individual choice. In North Korea, there is economic security in exchange for government control.

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Which nation has a communist command economy?

Norway

North Korea

South Korea

the United States

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

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

The goal of a market economy is to

sustain self-sufficiency.

preserve traditional customs.

create equality within a society.

promote free economic choices.

The goal of a command economy is to

sustain self-sufficiency.

preserve traditional customs.

create equality within a society.

promote free economic choices.

In a communist command economy, workers are employed by

the agencies.

the consumers.

the producers.

the state.

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 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.

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.

Which statement best describes a command economy?

Government 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.

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Economic Systems Answers

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