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Economic Systems

Last updated 5 months ago

5 questions

1

1

1

1

1

Question 1

1.

The economic system that involves the government the LEAST is the _________ system.

Command

Free Market

Mixed

Traditional

Question 2

2.

An economic system based on customs and traditions is a ______________ system. (not in video)

Command

Free Market

Traditional

Mixed

Question 3

3.

Most undeveloped countries that also may have political corruption operate with which Economic System?

Free Market

Traditional

Mixed

Command

Question 4

4.

Which of the following a driving force in both a free market and mixed economy?

spending on public goods...police, fire, schools

heavy government involvement

supply and demand

socialism and communism

Question 5

5.

In a mixed economy, what will happen to the prices for a product and the profit a business can make as more competition enters the market?

Prices and Profits will rise

Prices and Profits will fall

Prices and Profits won't be effected

Prices will go up and profits will go down