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Economic Systems Quiz 16 (25 MCQs)

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1. Which situations cause equilibriumprice to rise? I The number of buyersdecreases. II The number of buyersincreases. III The number of sellersdecreases. IV The number of sellersincreases.
2. Which of the following continents has (for the most part) embraced socialism?
3. The items that consumers buy are called _____
4. All democratic countries of the world are
5. What is a laissez faire capitalist approach to govt
6. In which type of economic system do citizens and businesses make most economic decisions?
7. Which of the following is an example of a type of mixed economy?
8. The government or groups of workers might control these resources but the profits are divided among the people.
9. The closest thing to a planned/command economy today exists in:
10. Characteristics of both market and command economic systems.
11. Economic system based on supply and demand, instead of government regulation
12. This economic system provides a high degree of consumer satisfaction because individuals make most of the decisions.
13. What kind of resource is a teacher?
14. Government owns the means of production.
15. 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?
16. Which of the following is NOT one of the three basic questions used to determine a country's economic system?
17. Supply & demand is a principle that fits which type of economic system?
18. Economic system where the government answers all three basic economic questions:
19. Most democratic countries have what type of economic system?
20. A system of producing, distributing, and consuming goods and services is known as a
21. Price set by the government
22. This economic system lacks incentive for individuals because a central authority controls the factors of production; there is no private property.
23. Which economic system is the most competitive?
24. Sometimes consumers buy less of oneproduct because they buy a similarproduct at a lower price. What pattern ofbehavior does this example reflect?
25. The income people receive for supplying factors of production, such as land, labor or capital.
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