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Types of Economies Quiz
By Ben Klunk
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Last updated about 2 years ago
8 questions
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Question 1
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Question 2
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Question 3
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Question 4
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Question 7
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Question 8
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An economy in which most economic issues of production and distribution are resolved through central planning and control.
Traditional
Command
Market
Socialist
Mixed
An economy that involves a degree of private economic freedom mixed with a degree of government regulation of markets.
Traditional
Command
Market
Socialist
Mixed
An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.
Traditional
Command
Market
Socialist
Mixed
An advantage of a market economy.
Maximizes social
welfare
Competition pushes
businesses to efficient
Less inequality of income
because government’s intent
is to have a balanced
economy
Prevents the rich from
exploiting the poor
A disadvantage of a command economy.
Prevent monopolies
Prevent mass
unemployment
Promotes a more
educated society
Produce products that
are not always used
An advantage of socialist economies.
Less inequality of income
because government’s intent
is to have a balanced
economy
Strong social
network
Resistance to
change
-Large gap between
the rich and poor
What is NOT a common disadvantage of a pure market economy
Unfair business practices
Unsafe products
Lack of inflation
Unstable economy
Environmental damage
What type of economy does the United States possess?
Traditional
Command
Market
Socialist
Mixed