Economic Systems

Which nation has a socialist command economy?

Cuba

In which type of market would you find it the most difficult to buy goods from another country?

closed economy

Which economic system is supported by this passage's main argument?

command economy

The goal of a command economy is to

create equality within a society

A mixed market economy tends to exist under a

democratic government that provides some regulation.

In a mixed market economy, who makes most of the daily economic decisions?

individual citizens

The goal of a market economy is to

promote free economic choices

A command economy tends to exist under a

socialist government that provides a lot of regulation.

What is prohibited in a command economy? CHECK ALL THAT APPLY.

the personal ownership of property the influence of consumer demand

Which type of market is the least likely to have an official currency?

traditional economy

What is one characteristic of a command economy?

The government controls the prices of most goods.

What restriction would the government impose in a closed economy?

The government would prohibit trade with other nations.

What are the pros of a mixed market economy for most citizens? CHECK ALL THAT APPLY.

There is a great deal of independence and personal choice. The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.

What type of market is illustrated by this pie chart?

a mixed market economy

What is one way a market economy affects the lives of private citizens?

Citizens can change jobs relatively easily.

What is one way a command economy affects the lives of private citizens?

Citizens cannot make most economic decisions.