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Economic Systems Quiz 15 (30 MCQs)

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1. What kind of resource is a teacher?
2. Government owns the means of production.
3. Rapid organization of resources often means command economies forget other societal needs, and they often produce too much of one thing and not enough of another. Which disadvantage does this belong to?
4. Which of the following is NOT one of the three basic questions used to determine a country's economic system?
5. Supply & demand is a principle that fits which type of economic system?
6. In a command economy, economic decisions are made by the
7. Economic system where the government answers all three basic economic questions:
8. Most democratic countries have what type of economic system?
9. A system of producing, distributing, and consuming goods and services is known as a
10. Price set by the government
11. This economic system lacks incentive for individuals because a central authority controls the factors of production; there is no private property.
12. Which economic system is the most competitive?
13. Sometimes consumers buy less of oneproduct because they buy a similarproduct at a lower price. What pattern ofbehavior does this example reflect?
14. Which of the following is not a fundamental economic question?
15. Allows each member of society to make choices about how to use their resources
16. The income people receive for supplying factors of production, such as land, labor or capital.
17. Which of the following would NEVER happen in a TRULY communist society?
18. An economic system in which the means of production is owned by the government and private ownership doesn't exist.
19. What is/are the basic question(s) all economic systems try to answer?
20. Choose the correct examples of a primary activity.
21. A farmer owns two cows and can sell the milk to any dairy.
22. In a "pure" communist society, who are the wealthiest and most powerful people?
23. Consumers make economic decisions
24. Which of the following is NOT one of the characteristics of a command economy?
25. Government creates program to retrain workers who have lost their jobs to overseas workers.
26. In a free market economy, people
27. Waiting in line to get the limited amount of items available.
28. This economic system has a notable lack of government interference.
29. What are two types of products in any economy?
30. Who or what answers the basic economic questions in a command economy?
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