Economic Systems Challenge

Froggy Jumps

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Test your knowledge of traditional, command, free market, and mixed economies.

Montex

Canada

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Economic Systems Challenge


Froggy Jumps Economic Systems ChallengeVersion en ligne Test your knowledge of traditional, command, free market, and mixed economies. par Montex 1 Which economy relies on customs and traditions to decide production? a Command economy b Traditional economy c Free market economy 2 In a command economy, who decides what to produce? a The consumers b The government c Private firms 3 Which system bases decisions on price signals and profits? a Traditional economy b Command economy c Free market economy 4 Public goods often fail to be produced by the market because they are: a Non-excludable and non-diminishable b Easy to price c Profit-driven 5 Merit goods like education are typically: a Ignored in all economies b Underprovided by individuals alone c Overproduced by markets 6 In a mixed economy, resource allocation is done by: a Both market forces and the government b Only the market c Only the central planning authority 7 Which economy minimizes government involvement and emphasizes private ownership? a Command economy b Traditional economy c Free market economy 8 In a traditional economy, trade is often based on: a Instant digital payments b Barter and customs c Credit markets 9 A key feature of the mixed economy is government involvement to: a Increase taxes only b Eliminate private firms entirely c Address market failures