AnswersFL-2102340-Economics with Financial Literacy Teacher DirectedEconomic Systems

Economic Systems Answers

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1
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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.
2
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The citizens of the United States live and work in a

A
closed economy.
B
command economy.
C
mixed market economy.
D
pure market economy.
3

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.
4

Read the paragraph below, and then decide which type of economy is being described.In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.What type of economy is being described?

A
a traditional economy
B
a free market economy
C
a mixed-market economy
D
a command economy
5

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
6

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.
7

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.
8

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.
9

A mixed market economy tends to exist under a

A
communist government that provides little regulation.
B
democratic government that provides some regulation.
C
representative government that provides no regulation.
D
socialist government that provides a lot of regulation.
10

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

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