A national planning board sets factory output, fixes bread prices, and assigns engineering graduates to workplaces. What economic system does this describe?

In an isolated village, families farm the same plots and practice the jobs their ancestors practiced. Customs determine how goods are shared. What system is this?

Businesses are privately owned, compete for customers, and set prices without government involvement. Consumers choose what to buy. What system is described?

Private restaurants compete for customers, while government requires food-safety inspections and funds public schools. Which economic system fits this arrangement?

A state agency owns the railroads, sets freight rates, and tells each rail yard how much cargo to move. How should this economy be classified?

A community's elders use rituals and family status to decide who may weave cloth, herd animals, or receive grain. What type of economy is operating?

Entrepreneurs decide whether to open bakeries, and customers' purchases determine which bakeries earn profits. The government does not direct these choices. What system is this?

Phone makers choose products and prices, but the government enforces environmental rules and provides unemployment benefits. What type of economy is described?

Officials set quotas for medicine, direct factories to meet them, and establish a single nationwide price. Which system makes these decisions?

Fishing families use inherited rules about where to fish and divide each catch according to village custom. What economic system is shown?

Clothing stores choose inventory based on expected sales, compete for shoppers, and may fail if they cannot earn enough revenue. What system is this?

Home builders compete to sell houses, while local governments enforce building codes and the state operates public colleges. Which system is illustrated?

In a command economy, planners decide whether factories will make more buses or more tractors. Which basic economic question are they answering?

A traditional economy follows custom to decide which families receive the first share of each harvest. Which basic economic question does this answer?

In a market economy, shoppers buy more electric bicycles, so firms expand bicycle production. Which basic economic question is being answered?

A mixed economy requires power plants to use a cleaner technology while allowing private firms to operate the plants. Which basic economic question is addressed?

In a pure market economy, scarce concert tickets go to people willing and able to pay the market price. Which basic economic question does this answer?

A command economy's five-year plan adds more apartment buildings and fewer luxury hotels. Which basic economic question are planners answering?

A country adopts a nearly pure market system with few public benefits. What tradeoff does it most likely accept?

A village keeps customary occupations because families value stable roles and familiar methods. What does this traditional arrangement most often give up?

A mixed economy funds public health clinics with taxes and requires businesses to meet safety standards. What tradeoff does this arrangement accept?

A government nationalizes its electricity industry so public officials control rates and expansion. What is a likely tradeoff of this decision?

A laissez-faire government refuses to restrict a factory that releases pollution into a river. What is the tradeoff of this policy?

A command economy guarantees basic food rations and housing but produces few optional styles of clothing or electronics. What tradeoff is illustrated?

Which feature identifies a mixed economy?

What defining feature identifies a command economy?

What feature most clearly identifies a traditional economy?

What feature most clearly identifies a pure market economy?

In a command economy, which institution typically sets national output targets for major industries?

How does a traditional economy differ most directly from a command economy when making economic decisions?