Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Economic Systems Quiz 12 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
2. What is a DISADVANTAGE of a market economy?
3. "Innovations are normally the creation of business people." Joseph Schumpter, Economic Theorist, (1911) With which economic theory would Joseph Schumpter likely have agreed?
4. Which economic system is both market and command combined and most democratic countries fall into this category?
5. Which of the following can be classified as a mixed economy?
6. The closest thing to a command economy today exists in:
7. In which economic system is the protection of private property rights essential?
8. Economies where people produce what they need to survive.
9. What influence does the government have in a market economy?
10. The government determines the number of gallons of milk it wants each year and gives production goals to farmers
11. Most democratic countries today have which economic system?
12. , In my country, the government tells me where to work.
13. In a command economy decisions about what, how, and for whom to produce are determined by
14. Which economic system is controlled by supply and demand and the buyers and sellers (the people)?
15. Promotes wise decision making when using resources
16. Which of the following is an economic system in which the government and individuals decide how to use resources?
17. What are some negative effects of the traditional economy?
18. An economic system that has some government restrictions on the actions of individuals and businesses is called .....
19. The production, distribution, and consumption of goods and services.
20. What are capital resources?
21. According to the normal relationship, if Iran decided to invest several billion dollars in education and training how would their GDP likely be affected?
22. An economic system in which, in its pure form, all property such as farms, factories, homes are owned by the government for the benefit of all citizens. The central government essentially controls all aspects of citizens' lives.
23. Which of the following items is found in all economic systems?
24. Which of the following is an economic system in which the government also provides many health and welfare benefits, such as healthcare, housing, and unemployment?
25. Which type of economic systems does Cuba and North Korea have?
26. Which of the following is NOT a function of the government in a command economy?
27. Help to protect people from unexpected events
28. All modern societies have a ..... economy.
29. In its pure form, consumers have no role in economic decision-making.
30. The money that remains after all the costs of production have been paid.
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books