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Types of Economic Systems Answers

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Read the passage.The government enacts labor laws to protect workers from unfair practices that occur in private factories. The loss of cheap labor by the factories leads to an increase in labor cost and trickles down to an increase in the cost in goods.Which evidence supports that this government’s economic system is a mixed economic system?

A
Private factories exchange labor cost for goods to minimize expense.
B
The government exerts complete control over labor and cost of goods.
C
The government is able to freely enact laws and regulate private factories.
D
Private factories can operate without government interference or involvement.
2
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What do mixed-market economies and command economies have in common?

A
Both economies can easily adapt to changing needs.
B
Both economies include elements of a free-market system.
C
The government plays a part in how the economies are run.
D
The means of production are always owned in common.
3

What is the goal of a command economy?

A
to distribute wealth and resources equally
B
to encourage entrepreneurship and innovation
C
to increase profits and wealth for producers
D
to create more choices for producers and consumers
4

Read the passage.The government enacts labor laws to protect workers from unfair practices that occur in private factories. The loss of cheap labor by the factories leads to an increase in labor cost and trickles down to an increase in the cost in goods.Which evidence supports that this government’s economic system is a mixed economic system?

A
Private factories exchange labor cost for goods to minimize expense.
B
The government exerts complete control over labor and cost of goods.
C
The government is able to freely enact laws and regulate private factories.
D
Private factories can operate without government interference or involvement.
5

Why are there no true market economies today?

A
Few economies allow private property or are profit driven.
B
Most economies have some level of government regulation.
C
Few economies allow consumers and producers to control the factors of production.
D
Most economies rely on the government to allocate resources and set production goals.
6

What is a subsidy?

A
assistance money given to an industry to cover the loss of sales
B
money collected from individuals and businesses to fund government programs
C
a law created to regulate trade between states and nations
D
a law created to prevent businesses from creating monopolies
7

Akunna is an entrepreneur who lives in a country with a democratic government that encourages innovation, private ownership, and the creation of personal wealth.Which phrase best describes the country where Akunna lives?

A
a country with a command economy and a commitment to communism
B
a country with a mixed-market economy and many command elements
C
a country with a mixed-market economy and a commitment to capitalism
D
a country with a mixed-market economy and a commitment to socialism
8

Which economic system is based on the private ownership of the factors of production?

A
socialism
B
communism
C
democracy
D
capitalism
9

Review the image.

Question illustration
A
command economy
B
market economy
C
mixed-market economy
D
traditional economy
10

What is one way Singapore upholds free-market principles?

A
It has strong laws that require the even distribution of wealth.
B
It has strong laws that require barter as a means of exchange.
C
It has strong laws that establish the prices of goods and services.
D
It has strong laws that protect people’s rights to private property.

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