Mixed Economy - Name______Block______

Graded Questions:

For each example below, identify whether it is a Free Market, Command, Mixed, or Traditional Economy.

M – Mixed Economy FM – Free Market Economy C – Command Economy T - Traditional

1.  ______100% Private ownership of property and resources

2.  ______The government makes decisions in the public sector and individuals make decisions in the private sector.

3.  ______Competition is prevalent, resulting in many market choices.

4.  ______100% Central ownership of property and resources

5.  ______People often have the same type of work as their parents and grandparents.

6.  Around the world, there are many types of economies. What is the same about all of these types of economies?

a.  All economies answer economic questions the same way.

b.  No economy makes economic decisions based on culture and tradition.

c.  All economies have consumer sovereignty

d.  No economy relies only on markets to deal with scarcity

7.  In a mixed economy, the role of the government is less than in a ______economy.

a.  Free market

b.  Mixed market, leaning free

c.  Command market

d.  Individually owned market

8.  What is the most common economic system used by countries around the world today?

a.  Command Economy

b.  Mixed Economy

c.  Free Economy

d.  Traditional Economy

9.  In country XYZ, the government owns and makes decisions about all the airports and the military while individuals and businesses own and make decisions about technology and fast food. What type of economy is country XYZ using?

a.  Traditional Economy

b.  Command Economy

c.  Free Economy

d.  Mixed Economy

Not-Graded Questions:

10.  Leon had an idea to sell a new type of bread. What type of resource is Leon’s creative idea?

a.  Capital

b.  Natural

c.  Entrepreneurial

d.  Human

Use for Questions 11 through 15:

Leon decided he would open a bread store in Ashburn. To make the bread Leon used wheat and a hint of lime. Leon had to buy a knife and a cutting board for all the employees so they could slice the bread.

11.  When Leon sells his bread he is a producer or consumer? ______

12.  When Leon buys the knife and cutting board he is a producer or consumer? ______

13.  What is the natural resource used in the bread shop? ______

14.  What is the capital resource used in the bread shop? ______

15.  What is the human resource used in the bread shop? ______