Question

practice 1: different economic systems

1. what are the three types of modern economic systems?

a. command, market, production
b. command, market, mixed
c. capital, command, labor
d. command, communist, mixed
2 in a command economy,
a. the government owns most of the property.
b. property rights for individuals are very important
c. consumer demand determines what will be produced.
d. producers are motivated by the money.

1. market economies offer

a. guaranteed equity.
b. full employment.
c. opportunity for profit.
d. lots of government regulation to make sure no one has too little or too much.

1. a mixed - economy government provides security for its citizens through

a. public goods and services.
b. income redistribution programs.
c. full employment.
d. central planning.

1. which of the following provides a public good or service?

a. an auto repair shop that does auto inspections
b. a private beach
c. a piano - lesson business
d. a county health clinic

Explanation:

1. The three main modern economic systems are command, market, and mixed. Command economies have government - controlled production and property. Market economies allow for profit - seeking behavior. Mixed economies combine elements of both, with government providing public goods and services for citizen security. Public goods are non - excludable and non - rivalrous.
2. In a command economy, the government makes most economic decisions and owns much of the property.
3. Market economies are characterized by the opportunity for private individuals and businesses to make a profit.
4. A mixed - economy government provides security through public goods and services like infrastructure, education, and healthcare.
5. A county health clinic is a public good as it serves the community and is often funded by the government for public welfare.

Answer:

1. B. command, market, mixed
2. A. the government owns most of the property.
3. C. opportunity for profit
4. A. public goods and services.
5. D. a county health clinic