Four Economic Systems and the Three Economic Questions
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Questions and Answers

What is the primary characteristic of a command economy?

  • Consumers have full economic freedom
  • There is free competition in the market
  • Prices are determined by supply and demand
  • Resource allocation is done by the government (correct)

    • Which of the following was NOT a responsibility of the Gosplan in the Soviet Union?

  • Ensuring a balance between different economic sectors
  • Determining the legal framework for economic activity
  • Setting prices based on supply and demand (correct)
  • Setting five-year economic plans

    • How did the Gosplan create the five-year economic plans?

  • By auctioning off resources to the highest bidders
  • By setting broad economic goals and combining them with data from lower administrative levels (correct)
  • By consulting with consumer groups to determine their needs
  • By allowing individual enterprises to submit their own production targets

    • What was the purpose of the five-year plans in the Soviet Union?

    <p>To achieve specific economic targets and growth objectives</p> Signup and view all the answers

    How did the command economy system in the Soviet Union differ from a market economy?

    <p>The government played a central role in allocating resources and making economic decisions</p> Signup and view all the answers

    What was the main criticism of the command economy system used in the Soviet Union?

    <p>It led to a lack of innovation and technological progress</p> Signup and view all the answers

    What is the primary objective of an economic system?

    <p>To solve the basic economic problems of what, how, and for whom to produce goods and services</p> Signup and view all the answers

    Which of the following is a characteristic of a traditional economy?

    <p>Communal land ownership and decision-making based on traditional practices</p> Signup and view all the answers

    In a traditional economy, what is the primary factor that determines economic decisions?

    <p>Past experiences and traditional practices</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a traditional economy?

    <p>Embracing new technologies and innovation</p> Signup and view all the answers

    In a traditional economy, who typically makes decisions regarding agricultural production?

    <p>The community leader or elders</p> Signup and view all the answers

    What is the primary source of raw materials for production in a traditional economy?

    <p>Mines and natural resource extraction</p> Signup and view all the answers

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