Economic Systems Flocabulary Answers 2024 [FREE Access]

As the title says, we will be sharing Economic Systems Flocabulary answers for Quiz, Read & Respond topics.

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Economic Systems Flocabulary Quiz Answers

Find the free answers to Economic Systems Flocabulary quiz questions below:

Q1. Every economic system answers three questions: What is produced? How is it produced?…. Ans: A
Q2. An economic system is a society’s system of production, distribution and consumption of.… Ans: C
Q3. Who owns factors of production in a command economy?…. Ans: B
Q4. True or False: Production is typically based on a quota in a command economy.…. Ans: A
Q5. Which of the following is not a characteristic of a market economy?.… Ans: D
Q6. If supply is low and demand is high,.… Ans: A
Q7. In theory, which type of economic system should not experience market fluctuations?…. Ans: C
Q8. Which of the following best describes the Soviet Union in the 20th century?… Ans: B
Q9. Which of the following leads to better, less expensive products in a capitalist economy?… Ans: C
Q10. Which of the following countries has a mixed economy?… Ans: C

 

Economic Systems Flocabulary Read & Respond Answers

Please check out the Read & Respond answers for the topic we are discussing:

Q1. A group of business people opens a factory in their hometown to produce car parts. The business owners decide which parts and how many to produce based on customer orders. Under which type of economic system does this business most likely exist?… Ans: B
Q2. According to the passage, why can’t Cuba be considered a purely command economy?… Ans: A
Q3. According to the passage, what determines how resources are collected, produced, and distributed in a traditional economy?… Ans: D
Q4. Nikola’s t-shirt business produced 100 shirts. In less than one day, all 100 shirts sold out. Fifty additional orders were placed, but could not be fulfilled since he had run out of shirts. Which of the following is true?… Ans: B
Q5. Nikola’s t-shirt business produced 100 shirts. In less than one day, all 100 shirts sold out. Fifty additional orders were placed, but could not be fulfilled since he had run out of shirts. Which of the following is true?… Ans: A
Q6. Based on the passage, which of the following best describes the relationship between a command economy in theory and command economies in practice throughout history?… Ans C

 

Summary

In Flocabulary, Economic Systems is a hot topic that comes under Social Studies > Economics.

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