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Economic Systems Quiz 11 (30 MCQs)

Quiz Instructions

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1. What is competition?
2. The government decides how products will be made
3. An expectation that encourages people to behave in a certain way.
4. In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
5. Where did Karl Marx predict a revolution of the proletariat would occur first?
6. What is the quality of life based on the possession of the necessities and luxuries that make life easier called?
7. An economy mostly consisting of subsistence agriculture.
8. The most common medium of exchange in modern economic systems is:
9. What type of economy is most susceptible to natural disasters?
10. A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as .....
11. Which of the following types of economic systems adopts the fewest new ideas or improvements?
12. Which of these signals and incentives doshortages provide?
13. Government sets production quotas
14. What would result if everyone became self-sufficient?
15. Demand is how many people want the goods that are available. If ..... people want the goods available, there is .....
16. How will scarcity of a capital good impact price?
17. SSEF4 Jingo was born to be a warrior-hunter, Jingo trades the furs of animals he catches to other families and tribes for many goods. What economic system is this?
18. Joe owns a shoe store. At the end of the month Joe decides what to do with his profits.
19. Fascism is based on which of the following?
20. An economic system is a society's system of production, distribution and consumption of
21. This economic system offers a variety of goods and services because new ideas are encouraged.
22. When someone or a business chooses to specialize or produce certain items.
23. In which type of economic system does the government plays a limited role?
24. Economic decisions are decided entirely by the government in which economic system?
25. Extreme love for your country is the definition of
26. The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell
27. North Korea has what type of Economic System?
28. The goods produced are made for myself and my neighbors
29. In this type of economy, the government and the market decide what is produced. The product is produced for the consumers.
30. In this economy individuals have property rights, producers have competition and there are monetary incentives to perform at a higher level.
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