Government And Economic Test Review Flashcards
1
Q
What are three basic questions that every economic system must answer
A
What goods/services are produced? How will they be made? Who will consume them?
2
Q
What are the three economic systems?
A
Traditional, command, and market
3
Q
Hat are the two types of government?
A
Unlimited and limited
4
Q
Which type of government is not limited by any laws?
A
Unlimited
5
Q
A literate person is one who can?
A
Read
6
Q
Australia’s economic system is close to this
A
Market
7
Q
The government makes all economic decisions
A
Command
8
Q
Which economic system uses bartering instead of money
A
Traditional
9
Q
Give an example of an unlimited government ruler?
A
Dictators, absolute monarchy.
10
Q
Give an example of a limited govt.
A
Direct and representative
