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FC7: Incentives, Economic systems
By Jeffrey See
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Last updated about 6 years ago
5 questions
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Question 1
1.
A cost or benefit that motivates a decision or action by an individual is called:
laissez faire
voluntary exchange
Incentive
trade-off
Question 2
2.
An example of a positive incentive is:
A parking fine
A good driver discount
A speeding ticket
Having your auto policy dropped
Question 3
3.
Classify the following words or phrases with the
economic system
it is associated with.
buying and selling but with some government
central planning
supply and demand
government control
buyers and sellers
Communism
ritual, habit, and custom
Primitive societies
Capitalism
Traditional economy
Command economy
Market economy
Mixed economy
Question 4
4.
Which of the following nations is primarily a
command economy
?
Canada
Cuba
Japan
United States
Question 5
5.
In reality, all
economics systems
around the world are:
Command
Traditional
Market
Mixed