1.In a traditional economy, how are economic decisions made?

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

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

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

4.Why are most modern economies referred to as mixed economies?
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? *
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? *
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? *
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? *
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? *
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)? *
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

1. Economic decisions in a traditional economy are made based on custom and habit.

2. In a command economy, economic decisions are made by government planners.

3. In a market economy, economic decisions are made by consumers and the market.

4. Most modern economies are referred to as mixed economies because they have aspects of all three economic types at work in their economies.

5. Most economies in the world today operate somewhere in between a market economy and a command economy because most economies have found they need a mix of free market and some government control to be successful and protect consumers.

6. Voluntary trade helps the economy by encouraging specialization and usually means more profit.

7. A tariff is a tax placed on goods coming into one country from another.

8. A quota is a limit on the amount of foreign goods allowed into a country.

9. An embargo is a halt to trade with a particular country for economic or political reasons.

10. The gross domestic product (GDP) is the total value of goods and services produced within a country in a year.

To answer these questions, let's go through each option and determine the correct answer for each question:

1. In a traditional economy, how are economic decisions made?
- Option: consumers and planners
- Option: custom and habit
- Option: combination of consumers and planners
- Option: government leaders
The correct answer is: custom and habit. In a traditional economy, economic decisions are made based on customs, cultural traditions, and habits rather than by consumers or planners.

2. In a command economy, how are economic decisions made?
- Option: government planners
- Option: combination of consumers and planners
- Option: custom and habit
- Option: consumers and the market
The correct answer is: government planners. In a command economy, economic decisions are made by the government and central planners who determine what should be produced, how much should be produced, and the allocation of resources.

3. In a market economy, how are economic decisions made?
- Option: government planners
- Option: custom and habit
- Option: consumers and the market
- Option: combination of consumers and planners
The correct answer is: consumers and the market. In a market economy, economic decisions are made by individuals and businesses based on supply and demand in the market. Consumers choose what to buy, and businesses respond by producing the goods and services that are in demand.

4. Why are most modern economies referred to as mixed economies?
- Option: Poverty is always highest in countries with market economies
- Option: Government planners do not know how to handle economic problems.
- Option: Products made by traditional economies have no markets in the modern world.
- Option: Most countries have aspects of all three economic types at work in their economies.
The correct answer is: Most countries have aspects of all three economic types at work in their economies. Most modern economies are referred to as mixed economies because they incorporate elements of both market and command economies, with varying degrees of government intervention and regulation.

5. Why do most economies in the world today operate somewhere in between a market economy and a command economy?
- Option: Government control always makes a market economy profitable.
- Option: Most consumers prefer government control to a free market system.
- Option: Government control of some aspects of the economy has never been successful in the modern world.
- Option: Most economies have found they need a mix of free market and some government control to be successful and protect consumers.
The correct answer is: Most economies have found they need a mix of free market and some government control to be successful and protect consumers. This is because a completely unregulated free market can lead to issues such as monopolies, inequality, and environmental degradation, while excessive government control can stifle innovation and entrepreneurship.

6. How does voluntary trade help the economy?
- Option: Voluntary trade means prices will always be low.
- Option: It encourages specialization and usually means more profit.
- Option: Voluntary trade only works when tariffs are in place.
- Option: This sort of trade involves many government regulations
The correct answer is: It encourages specialization and usually means more profit. Voluntary trade allows individuals, businesses, and countries to specialize in what they are most efficient at producing, resulting in increased efficiency and higher overall economic output.

7. What is a tariff?
- Option: A tax paid by the purchaser when goods are sold
- Option: A tax placed on goods coming into one country from another
- Option: A tax placed on goods made by local craftsmen or manufacturers
- Option: A fee paid when goods are shipped from one state to another in the USA
The correct answer is: A tax placed on goods coming into one country from another. A tariff is a tax imposed by a government on imported goods, which increases the cost of those goods and can protect domestic industries from foreign competition.

8. What is a quota?
- Option: A tax placed on imported goods when they enter a country
- Option: A tax placed on goods when they are purchased in the marketplace
- Option: A limit on the amount of foreign goods allowed into a country
- Option: A decision to prevent certain goods from being imported at all
The correct answer is: A limit on the amount of foreign goods allowed into a country. A quota is a restriction set by a government on the quantity or value of certain goods that can be imported into a country.

9. What is an embargo?
- Option: A tax placed on goods coming into the country from overseas
- Option: A limit on the amount of certain goods allowed into the country
- Option: A tax paid by the producer before he can sell his goods in another country
- Option: A halt to trade with a particular country for economic or political reasons
The correct answer is: A halt to trade with a particular country for economic or political reasons. An embargo is a government order that restricts or prohibits trade with a specific country or countries, often as a form of economic or political sanction.

10. What is the gross domestic product (GDP)?
- Option: The amount collected in taxes from the people of a country in a year
- Option: Total value of goods and services produced within a country in a year
- Option: The value of all the products a country buys from foreign nations in a year
- Option: The value of all goods and services produced by small shops and individually owned businesses in a country
The correct answer is: Total value of goods and services produced within a country in a year. Gross Domestic Product (GDP) is a measure of the economic output of a country, representing the total value of all goods and services produced within its borders in a specific period, usually a year.

Thank you for reposting this.

All of your answers are right.

Thanks got a 100