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Economic Systems Quiz 16 (30 MCQs)

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1. Who owns the resources in a command economy?
2. In a traditional economic system, the question of what to produce is answered by producing:
3. The food supply is rationed, or divided, so everyone gets the same amount. The government is in charge of this:
4. Which is NOT an economic goal of the free market?
5. A benefit of technology is that it
6. Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business
7. Government in which the government owns all property
8. When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ..... question.
9. In which of the following economic systems does the government own the country's farms, factories, and businesses?
10. People freely and willingly engaging in market transactions
11. Which economic system is most likely to be used in a country that doesn't trade much with other countries?
12. Competition, entrepreneurship, and extreme wealth would most likely exist in which of the economic systems below
13. In this system the government is always a one-party dictatorship where people have few rights.
14. When the product is produced for the current generation it is what type of economy?
15. Who owns the factors of production in the competitive economic system of capitalism?
16. Inputs needed to produce a good or service.
17. What is the invisible hand?
18. Different nations interacting through people, government, business, trade & technology is
19. What is NOT true about communism?
20. Laissez-faire capitalism as attributed to Adam Smith called for
21. People or businesses that buy or use goods or services are known as
22. Which of the basic economic systems allow government to control most aspects of the economy?
23. Which of the following best describe a tariff?
24. Economic system where individuals (producers and consumers) answer the three basic economic questions:
25. North Korea has what type of economic system? Hint:their government controls every aspect of the economy
26. This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.
27. An advantage of this economic system is:the variety of goods and services that are produced.
28. Whenever you are faced with a choice, the value of the next best alternative (whatever you've chosen to give up or sacrifice) is called:
29. This economic system is described as "The Government's Way"
30. In a socialist economic system, who tends to answer the question of how products will be produced?
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