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Economic Systems Quiz 12 (25 MCQs)

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1. Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
2. The government decides how products will be made
3. An expectation that encourages people to behave in a certain way.
4. _____ :when people want or need more of something than there is.
5. In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
6. Where did Karl Marx predict a revolution of the proletariat would occur first?
7. What is the quality of life based on the possession of the necessities and luxuries that make life easier called?
8. An economy mostly consisting of subsistence agriculture.
9. The most common medium of exchange in modern economic systems is:
10. What type of economy is most susceptible to natural disasters?
11. 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 _____
12. Which of the following types of economic systems adopts the fewest new ideas or improvements?
13. Which of these signals and incentives doshortages provide?
14. Government sets production quotas
15. What would result if everyone became self-sufficient?
16. Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____
17. How will scarcity of a capital good impact price?
18. 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?
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
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