Economic & Government Test Reveiw Flashcards

1
Q

What are three basic questions that every economic system must answer?

A

What product/service will be produced? How will it be made?

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2
Q

What are three economic systems?

A

Market, tradition, and command.

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3
Q

The former Soviet union was in the sample of what kind of economic system?

A

Market

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4
Q

Which Economic system allows for the most individual freedom?

A

Traditional

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5
Q

In which economic system does the government have the most control?

A

Command

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6
Q

Which economic system do individuals do things based on customs and beliefs.

A

Traditional

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7
Q

What is the economics system of most communist countries.

A

Command

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8
Q

How to traditional economies exchange goods?

A

Bartering

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9
Q

Which country is closest to the true market economy?

A

United States

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10
Q

Most Democratic countries have what type of economic system?

A

Market

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11
Q

The government makes all economic decisions.

A

Command

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12
Q

In the system,Your parents for peanut farmers, now you have to be a peanut farmer too.

A

Tradition

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13
Q

Most democratic countries are this.

A

Market

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14
Q

Cuba is close to having this type of system.

A

Command

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15
Q

Business (ran by private citizens) determine what goods/services are produced and how they will be made.

A

Market

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16
Q

Which economic system using bartering instead of money?

A

traditional