Economic Systems Quiz 11 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. Which of the following is not a characteristic of a market economy?

2. In this type of economic system, government planners make all economic decisions

3. Which economic system promotes competition?

4. Individuals and businesses own the means of production

5. Economic system based on traditions and social customs

6. Russia's economy has moved away from command towards market since the Soviet Union collapsed in

7. An economic system in which private property is almost totally restricted is called _____

8. This economy is based on customs and traditions.

9. What is one way a government withdraws money from the circular flow of a market?

10. Which of the following cultures has a traditional economic system?

11. When the product is created for government it is what type of economic system?

12. I will have the same job as my parents and grandparents did

13. This type of economic system is based on customs and habits of the past.

14. A society's shortage of resources is called _____ ?

15. What could be a disadvantage for one who follows a traditional economy

16. Which of the following allows anyone to open any business you want within some government laws?

17. Among the advantages of this economic system are higher competition and freedom of choice.

18. Who is the considered to be the father of Communism?

19. Resources that can be replaced or renewed like wood, plastic, and rubber.

20. A disadvantage of this economic system is that regulation and support are inconsistent and can slow economic growth.

21. In theory which type of economic system should not experience market fluctuations.

22. Which of the following best describes the primary role of an economic system?

23. The government exercises the MOST control in which economic system?

24. What kind of economic system does U.S have?

25. Under which economic system does the government make almost all of the economic decisions?