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Economic Systems Quiz 14 (25 MCQs)

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1. Which type of economic systems does Cuba and North Korea have?
2. Which of the following is NOT a function of the government in a command economy?
3. All modern societies have a _____ economy.
4. In its pure form, consumers have no role in economic decision-making.
5. The money that remains after all the costs of production have been paid.
6. Economics decisions are based on customs and centered around family in which economic system?
7. Once an economic system is established, what can or cannot be done?
8. Four types of economic systems:
9. A place where buyers and sellers come together to exchange goods and services for money
10. When an economy focuses on having jobs for all individuals willing and able to work this is known as:
11. The farmer decides to sell one cow and use the money to buy a bull for the purpose of breeding more cows.
12. Which of the following is an ADVANTAGE of a traditional economy?
13. A country's economic system attempts to deal with the problem of not having enough resources to meet people's needs and wants.
14. "WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH SYSTEM?" _____ Name that system!
15. Which of these economic systems have the least in common?
16. Which of the following countries has a command economy?
17. What is a disadvantage of a mixed economy?
18. The total value of goods and services in a country
19. In Indonesia, the government owns large industries and sets some prices. Private individuals also do business. Which economic system is described above?
20. The goal of a communist economy is to
21. What are 3 economic questions?
22. In a market economy, _____ decides what needs to be made.
23. Which best describes a market system?
24. The three economic questions that every group of people face with goods and services are
25. A person who buys a good or uses a service is known as a
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