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

Question

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

Answer 1

Thank you for reposting this.

All of your answers are right.

Answer 2

Thanks got a 100