This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 10 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What type of economic system is used in the United States? A) Market. B) Socialist Command. C) Traditional. D) Communist Command. Show Answer Correct Answer: A) Market. 2. Which of the following is not a characteristic of a market economy? A) Profit is the motivation for most businesses. B) Supply and demand dictate price and production. C) Competition between businesses is discouraged. D) None of above. Show Answer Correct Answer: C) Competition between businesses is discouraged. 3. In this type of economic system, government planners make all economic decisions A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 4. Which economic system promotes competition? A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. 5. Individuals and businesses own the means of production A) Traditional economic system. B) Command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: D) Market economic system. 6. Economic system based on traditions and social customs A) Economic system. B) Traditional. C) Supply and demand. D) Market. Show Answer Correct Answer: B) Traditional. 7. Russia's economy has moved away from command towards market since the Soviet Union collapsed in A) 2002. B) 1917. C) 1991. D) 1922. Show Answer Correct Answer: C) 1991. 8. An economic system in which private property is almost totally restricted is called ..... A) Free enterprise. B) A planned socialist economy. C) Competition. D) A mixed economy. Show Answer Correct Answer: B) A planned socialist economy. 9. This economy is based on customs and traditions. A) A market economy. B) A command economy. C) A mixed economy. D) A traditional economy. Show Answer Correct Answer: D) A traditional economy. 10. What is one way a government withdraws money from the circular flow of a market? A) They never do. B) Payroll. C) Taxes. D) Purchasing Equipment. Show Answer Correct Answer: C) Taxes. 11. Which of the following cultures has a traditional economic system? A) Villages in the Rocky Mountains. B) The Republic of Cuba. C) Amazon Rain Forest Communities. D) Rural areas in Denmark. Show Answer Correct Answer: C) Amazon Rain Forest Communities. 12. When the product is created for government it is what type of economic system? A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: D) Command. 13. I will have the same job as my parents and grandparents did A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: A) Traditional. 14. This type of economic system is based on customs and habits of the past. A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: A) Traditional. 15. A society's shortage of resources is called ..... ? A) Surplus. B) Resources. C) Scarcity. D) Opportunity Cost. Show Answer Correct Answer: C) Scarcity. 16. What could be a disadvantage for one who follows a traditional economy A) No disadvantages available. B) Little equality. C) Little scientific development/ innovation. D) Unlimited natural resources. Show Answer Correct Answer: C) Little scientific development/ innovation. 17. Which of the following allows anyone to open any business you want within some government laws? A) Competition. B) Freedom to Choose. C) Consumer Sovereignty. D) Right to Private Property. Show Answer Correct Answer: B) Freedom to Choose. 18. Among the advantages of this economic system are higher competition and freedom of choice. A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: B) Market. 19. What are the three economic questions? A) What to produce? How to produce? For whom to produce?. B) Who to produce? Why you produce? Like to produce?. C) Why to produce? Tell who to produce? Things to produce?. D) None of above. Show Answer Correct Answer: A) What to produce? How to produce? For whom to produce?. 20. Who is the considered to be the father of Communism? A) Adam Smith. B) Thomas Hobbes. C) John Locke. D) Karl Marx. Show Answer Correct Answer: D) Karl Marx. 21. Resources that can be replaced or renewed like wood, plastic, and rubber. A) Renewable Resources. B) Human Resources. C) Capital Resources. D) Nonrenewable Resources. Show Answer Correct Answer: A) Renewable Resources. 22. Katia is an accountant in a government run business where she was placed after graduation. A) Command. B) Traditional. C) Free Market. D) Mixed. Show Answer Correct Answer: A) Command. 23. A disadvantage of this economic system is that regulation and support are inconsistent and can slow economic growth. A) Mixed. B) Command. C) Market. D) Traditional. Show Answer Correct Answer: A) Mixed. 24. In theory which type of economic system should not experience market fluctuations. A) Command economy. B) Mixed economy. C) Market economy. D) All of the above. Show Answer Correct Answer: A) Command economy. 25. Which of the following best describes the primary role of an economic system? A) The response to market failure. B) To address equity concerns to improve fairness. C) To determine the allocation of limited resources. D) To protect domestic producers from foreign competition. Show Answer Correct Answer: C) To determine the allocation of limited resources. 26. The government exercises the MOST control in which economic system? A) Communism. B) Capitalism. C) Socialism. D) Mixed Market. Show Answer Correct Answer: A) Communism. 27. What kind of economic system does U.S have? A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: B) Mixed. 28. Under which economic system does the government make almost all of the economic decisions? A) Command. B) Market. C) Traditional. D) Capitalist. Show Answer Correct Answer: A) Command. 29. The four types of economic systems are: A) Traditional, Command, Mixed, & Market. B) Traditional, Command, Combined, & Market. C) Communism, Capitalism, Free Market, and Macroeconomics. D) Microeconomics, Macroeconomics, Individual, and Traditional. Show Answer Correct Answer: A) Traditional, Command, Mixed, & Market. 30. Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services. A) Market Economy. B) Traditional Economy. C) Centrally Planned Economy. D) Mixed Economy. Show Answer Correct Answer: B) Traditional Economy. ← PreviousNext →Related QuizzesSystems QuizzesEconomics QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books