With a communist economy system:Group of answer choicesthere is complete freedom of tradeScratchconsumers can expect a mixed economic reactionScratchthere are strong incentives for workersScratchbasic industries such as railroads and utilities are owned by government, while other industries are owned by the private sectorScratchnone of the above is true

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

Which of the following is true of communist economies?Multiple Choiceproduce a huge gap between rich and poorhave a high standard of livingseldom face shortages in consumer goodsappear to be efficient and equitable on paper

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.Group of answer choicesprivate enterpriseScratchcommunist economic systemScratchmixed economyScratchsocialisticScratchcapitalisticScratch

Identify the four types of economies:Group of answer choicesMarketTotal CommunistMixedTraditionalCommandPredictableFree-enterprise

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization