What Kind Of Economy Am I?
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In a command economy prices for goods and services are set by ...
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The government
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A group of community members
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Negotiation
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The producers
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Explore different economic systems through 'What kind of Economy am I? ' quiz. Identify characteristics of market, command, and traditional economies, assessing key concepts like supply and demand, governmental roles, and communal governance.
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- 2.
The Native American system of trading game for tools represents what kind of economy?
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Mixed economy
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Traditional economy
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Market economy
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Command economy
Correct Answer
A. Traditional economyExplanation
The Native American system of trading game for tools represents a traditional economy. In a traditional economy, goods and services are exchanged based on customs, traditions, and cultural practices rather than through a formal market system. The Native Americans relied on barter and trade to meet their needs, exchanging game they hunted for tools they needed. This system was deeply rooted in their cultural and historical practices, reflecting the traditional economic practices of their society.Rate this question:
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- 3.
The expression "supply and demand" reflects what kind of economy?
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Command economy
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Traditional economy
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Market economy
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Mixed economy
Correct Answer
A. Market economyExplanation
The expression "supply and demand" reflects a market economy because it refers to the interaction between buyers and sellers in determining the prices and quantities of goods and services. In a market economy, prices are determined by the forces of supply and demand, and individuals and businesses have the freedom to make their own economic decisions. This is in contrast to a command economy where the government controls the production and distribution of goods, or a traditional economy where economic decisions are based on customs and traditions. A mixed economy combines elements of both market and command economies.Rate this question:
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- 4.
Communist styles of government usually feature what kind of economy?
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A mixed economy
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A traditional economy
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A market economy
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A command economy
Correct Answer
A. A command economyExplanation
Communist styles of government usually feature a command economy. In a command economy, the government has complete control over the allocation of resources and the production of goods and services. The government determines what will be produced, how it will be produced, and who will receive the products. This centralized control is a key characteristic of communist governments, where the goal is to achieve economic equality and eliminate private ownership of resources and means of production.Rate this question:
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- 5.
An economy in which a producer keeps all the profits is called ...
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A mixed economy
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A traditional economy
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A market economy
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A command economy
Correct Answer
A. A market economyExplanation
A market economy is an economic system in which producers have the freedom to keep all the profits they make. In this type of economy, the prices of goods and services are determined by supply and demand, and the government has minimal intervention. This allows producers to retain their profits and decide how to allocate them, which encourages competition and innovation.Rate this question:
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- 6.
An economy that is ruled by the people is a ...
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Market economy
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Mixed economy
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Traditional economy
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Command economy
Correct Answer
A. Market economyExplanation
A market economy is an economic system where decisions regarding production, investment, and distribution are made by the interactions of individuals and businesses in the marketplace. In this system, the government does not have significant control over the economy, and the allocation of resources is determined by supply and demand. Therefore, it can be inferred that an economy ruled by the people, where individuals and businesses make their own economic decisions, aligns with the characteristics of a market economy.Rate this question:
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- 7.
A grouping of farms governed by community leaders could be an example of ...
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A command economy
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A traditional economy
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A market economy
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A mixed economy
Correct Answer
A. A traditional economyExplanation
A grouping of farms governed by community leaders could be an example of a traditional economy because in a traditional economy, economic decisions are based on customs, traditions, and cultural beliefs. In this scenario, the community leaders would make decisions about what crops to grow, how to distribute resources, and how to allocate labor based on their traditional practices and values.Rate this question:
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- 8.
What type of economy do we have in the United States?
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A traditional economy
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A market economy
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A command economy
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A mixed economy
Correct Answer
A. A market economyExplanation
The United States has a market economy. In a market economy, the allocation of resources and production decisions are primarily determined by supply and demand in the marketplace. It is characterized by private ownership of businesses and individuals making choices based on self-interest. The government's role is limited to enforcing laws and regulations to ensure fair competition and protect consumers. In a market economy, prices are determined by the interaction of buyers and sellers in the market, and there is a high degree of economic freedom and individual choice.Rate this question:
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Mar 21, 2023Quiz Edited by
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Feb 13, 2010Quiz Created by
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