AnswersMASTER COURSE United States HistoryComparing Economic Systems

Comparing Economic Systems — Quiz Answers

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1
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How do socialism and communism compare?

A
Only socialism allows for the private ownership of property.
B
Both require complete government control of the economy.
C
Only communism is associated with democratically elected governments.
D
Both are equally practiced in some mixed-market economies.
2
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What do mixed-market economies and command economies have in common?

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

What is the goal of a command economy?

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

What is one disadvantage of a market economy?

A
A market economy limits competition and profit.
B
A market economy discourages innovation.
C
A market economy creates income inequalities.
D
A market economy reacts slowly to changing needs.
5

What is a subsidy?

A
money collected from individuals and businesses to fund government programs
B
a law created to prevent businesses from creating monopolies
C
assistance money given to an industry to cover the loss of sales
D
a law created to regulate trade between states and nations
6

Read the sentence. 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 mixed-market economy and a commitment to capitalism
B
a country with a command economy and a commitment to communism
C
a country with a mixed-market economy and a commitment to socialism
D
a country with a mixed-market economy and many command elements
7

What is one way that a command economy differs from a market economy?

A
A command economy discourages government regulations.
B
A command economy discourages entrepreneurship.
C
A command economy does not include labor as a factor of production.
D
A command economy does not include capital as a factor of production.
8

Why are there no true market economies today?

A
Few economies allow private property or are profit driven.
B
Most economies rely on the government to allocate resources and set production goals.
C
Few economies allow consumers and producers to control the factors of production.
D
Most economies have some level of government regulation.
9

Which economic system is most closely associated with communism?

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

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

A
socialism
B
capitalism
C
communism
D
democracy

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