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Economic Systems Quiz 10 (25 MCQs)

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1. A building is an example of which economic resource?
2. Economic system where the government controls everything, everyone is supposed to be equal.
3. In this type of economy, property and businesses are owned by the government.
4. Both supply and demand and the government influence how resources are used to make goods and services.
5. This economic system is controlled by the government.
6. This system is associated with the ideas of Adam Smith and capitalism.
7. Businesses have freedom to produce whatever they think consumers will buy
8. Choose the correct examples of a tertiary activity.
9. Limited amount of something
10. When a government decides to increase a tariff, it increases the amount of a tax placed upon
11. How are economics used in the nation?
12. Which type of economy does not always use money?
13. In this economic system, a central authority makes plans regarding investment and production:
14. In this economic system, previous generations and traditions determine what and how things are produced.
15. In which type of economic system do business owners control the factors of production?
16. What is the law of supply and demand?
17. Government controls or dictates what is produced in this economic system
18. If my government is selling me bread for $ 5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
19. Who or what answers the basic economic questions in a free market economy?
20. Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government.
21. Government in which one person or a small group of people rule the country by force
22. In a command economic system, who makes decisions on cost and ownership?
23. In a market economy, who has the least influence over how economic resources are allocated?
24. The phrase "profit is the incentive for business" means that profit _____
25. What type of economic system is used in the United States?
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