In a traditional economy, how are economic decisions made? *

1 point
custom and habit****
government leaders
consumers and planners
combination of consumers and planners

2. In a command economy, how are economic decisions made? *
1 point
combination of consumers and planners
custom and habit
consumers and the market
government planners

3. In a market economy, how are economic decisions made? *
1 point
custom and habit
government planners
consumers and the market
combination of consumers and planners

4. Why are most modern economies referred to as mixed economies? *
1 point
Poverty is always highest in countries with market economies.
Government planners do not know how to handle economic problems.
Products made by traditional economies have no markets in the modern world.
Most countries have aspects of all three economic types at work in their economies.***

5. Why do most economies in the world today operate somewhere in between a market economy and a command economy? *

1 point

Government control always makes a market economy profitable.

Most consumers prefer government control to a free market system.

Government control of some aspects of the economy has never been successful in the modern world.

Most economies have found they need a mix of free market and some government control to be successful and protect consumers.

6. How does voluntary trade help the economy? *

1 point

Voluntary trade means prices will always be low.

It encourages specialization and usually means more profit.

Voluntary trade only works when tariffs are in place.

This sort of trade involves many government regulations.

7. What is a tariff? *

1 point

A tax paid by the purchaser when goods are sold

A tax placed on goods coming into one country from another

A tax placed on goods made by local craftsmen or manufacturers

A fee paid when goods are shipped from one state to another in the USA

8. What is a quota? *

1 point

A tax placed on imported goods when they enter a country

A tax placed on goods when they are purchased in the market place

A limit on the amount of foreign goods allowed into a country

A decision to prevent certain goods from being imported at all

9.What is an embargo? *

1 point

A tax placed on goods coming into the country from overseas

A limit on the amount of certain goods allowed into the country

A tax paid by the producer before he can sell his goods in another country

A halt to trade with a particular country for economic or political reasons

10. What is the gross domestic product (GDP)? *

1 point

The amount collected in taxes from the people of a country in a year

Total value of goods and services produced within a country in a year

The value of all the products a country buys from foreign nations in a year

The value of all goods and services produced by small shops and individually owned businesses in a country

Please repost this with

your answers
no spaces between answer choices.

I think 2 is D 3 is C

2 is D 3 is C - right

5. D 6. B 7. B 8.C 9.D 10.b am I right?

Please remove the excess spaces.

I can't can you just check my answers please?

Ms Sue please I really need your help, I can't repost these because I don't have enough time. In about 15 minutes I have to go to the dentist- Im getting braces-.-