This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economics decisions are based on customs and centered around family in which economic system? A) Traditional Economy. B) Command Economy. C) Market Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 2. Once an economic system is established, what can or cannot be done? A) Resources can no longer be produced. B) Government can take over the society's economy. C) The basic economic questions can be answered. D) Laissez faire economics can begin. Show Answer Correct Answer: C) The basic economic questions can be answered. 3. Four types of economic systems: A) Traditional, command, market, mixed. B) Traditional, command, combined, market. C) Communism, capitalism, free market, macroeconomics. D) Microeconomics, macroeconomics, individual, traditional. Show Answer Correct Answer: A) Traditional, command, market, mixed. 4. A place where buyers and sellers come together to exchange goods and services for money A) Market. B) Amazon.com. C) Starbucks. D) All of the above. Show Answer Correct Answer: D) All of the above. 5. When an economy focuses on having jobs for all individuals willing and able to work this is known as: A) Full Employment. B) Efficiency. C) Sustainability. D) Security. Show Answer Correct Answer: A) Full Employment. 6. The farmer decides to sell one cow and use the money to buy a bull for the purpose of breeding more cows. A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. 7. Which of the following is an ADVANTAGE of a traditional economy? A) Discourages new ideas and new ways of thinking. B) Lower standard of living. C) Lack of progress. D) Stable, predictable. Show Answer Correct Answer: D) Stable, predictable. 8. A country's economic system attempts to deal with the problem of not having enough resources to meet people's needs and wants. A) Labor. B) Greed. C) Scarcity. D) Capital. Show Answer Correct Answer: C) Scarcity. 9. "WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH SYSTEM?" ..... Name that system! A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: C) Market. 10. Which of these economic systems have the least in common? A) Market economy and capitalism. B) Command economy and socialism. C) Command economy and capitalism. D) Free-enterprise economy and market economy. Show Answer Correct Answer: C) Command economy and capitalism. 11. Which of the following countries has a command economy? A) N Korea. B) USA. C) Germany. D) France. Show Answer Correct Answer: A) N Korea. 12. What is a disadvantage of a mixed economy? A) Government regulations. B) Inequities in the distribution of wealth. C) Private ownership of resources. D) Strong social networks. Show Answer Correct Answer: B) Inequities in the distribution of wealth. 13. The total value of goods and services in a country A) Embargo. B) GDP. C) Subsidy. D) Import. Show Answer Correct Answer: B) GDP. 14. In Indonesia, the government owns large industries and sets some prices. Private individuals also do business. Which economic system is described above? A) Free Enterprise. B) Communist. C) Traditional. D) Socialist. Show Answer Correct Answer: D) Socialist. 15. Which of the following is an example of an export for the USA? A) Germany sells printers to America. B) America sells printers to central Florida. C) South Africa buys meat from Chile. D) America sells paper to Germany. Show Answer Correct Answer: D) America sells paper to Germany. 16. The goal of a communist economy is to A) Achieve a classless society; equality among all workers. B) Let supply and demand control the economy. C) Give control of the economy to consumers and sellers. D) Adhere to tradition when it comes to the economy. Show Answer Correct Answer: A) Achieve a classless society; equality among all workers. 17. What are 3 economic questions? A) What to produce? How to produce? When to reduce?. B) Why to produce? Tell who to produce? Things to produce?. C) What to produce? How To Produce? For whom to produce?. D) Who can produce? Why you produce? Like to produce?. Show Answer Correct Answer: C) What to produce? How To Produce? For whom to produce?. 18. In a market economy, ..... decides what needs to be made. A) Producer. B) Consumer. C) The government. D) Everyone. Show Answer Correct Answer: B) Consumer. 19. Which best describes a market system? A) Government provides services such as telephones and televisions. B) A person can start any legal business and charge any price. C) The government provides food and housing to all workers. D) Businesses are owned by the government. Show Answer Correct Answer: B) A person can start any legal business and charge any price. 20. The three economic questions that every group of people face with goods and services are A) Why, Who, When. B) What, How, For Whom. C) Por que, Cual, Cuando. D) How come, How many, How are. Show Answer Correct Answer: B) What, How, For Whom. 21. A person who buys a good or uses a service is known as a A) Consumer. B) Dictator. C) Monarch. D) Merchant. Show Answer Correct Answer: A) Consumer. 22. Which African kingdom made a profit off of the salt-gold trade? A) Mali. B) Ghana. C) Egypt. D) Songhai. Show Answer Correct Answer: B) Ghana. 23. An economic system that permits an open exchange (with no restrictions) of goods and services between producers and consumers. A) Market. B) Command. C) Traditional. D) Mixed. Show Answer Correct Answer: A) Market. 24. Supply and demand determines how much an item costs A) Market. B) Command. C) Mixed. D) Communist. Show Answer Correct Answer: A) Market. 25. Which of the following would be most likely to exist in a socialist country? A) Universal health care (the government provides health insurance for everyone). B) Tax breaks for the mega rich. C) Private education only (no public schools). D) Government ownership of all land and property. Show Answer Correct Answer: A) Universal health care (the government provides health insurance for everyone). 26. An economic system in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and wealth is called: A) Communism. B) Democracy. C) Monarchy. D) Socialism. Show Answer Correct Answer: D) Socialism. 27. Which of the following is not an example of a communist economic system? A) Cuba. B) China. C) France. D) North Korea. Show Answer Correct Answer: C) France. 28. A tax on an import A) Quota. B) Embargo. C) Tariff. D) Specialization. Show Answer Correct Answer: C) Tariff. 29. The structure of methods and principles that a society uses to produce and distribute goods and services. A) Economic Indicator. B) Economic Security. C) Economic Market. D) Economic System. Show Answer Correct Answer: D) Economic System. 30. A block on trade A) Specialization. B) Embargo. C) Trade. D) Quota. Show Answer Correct Answer: B) Embargo. ← PreviousNext →Related QuizzesSystems QuizzesEconomics QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books