This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 17 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which factor determines who a society will produce goods and services for? A) The available resources in the society. B) The population of the society. C) The economic system in the society. D) None of above. Show Answer Correct Answer: C) The economic system in the society. 2. Economic system in which a central authority is in command of the economy. A) Command Economy. B) Mixed Economy. C) Centrally Planned Economy. D) Traditional Economy. Show Answer Correct Answer: A) Command Economy. 3. A Mixed Economy uses ideas from ..... A) Both Traditional and Market Economies. B) Both Market and Command Economies. C) Both Traditional and Command Economies. D) Traditional, Market, and Command Economies. Show Answer Correct Answer: B) Both Market and Command Economies. 4. What is one way government can foster human capital? A) Maintaining better police protection. B) Improve the nation's infrastructure. C) Provide funding for education. D) Deregulating industries (such as the petroleum industry). Show Answer Correct Answer: C) Provide funding for education. 5. The methods that society uses to produce and distribute resources A) Command Economy. B) Farming Economy. C) Shifted Economy. D) Economic Systems. Show Answer Correct Answer: D) Economic Systems. 6. Which of the following is true of traditional economies? A) People have access to private property. B) Economic decisions are determined by the government. C) They resemble a communist economic system. D) The production of goods is based on custom. Show Answer Correct Answer: D) The production of goods is based on custom. 7. Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets. A) Centrally Planned Economy. B) Mixed Economy. C) Traditional Economy. D) Market Economy. Show Answer Correct Answer: D) Market Economy. 8. What did karl marx believe in? A) Command Economy. B) Self-interest. C) Let it be. D) Market Economy. Show Answer Correct Answer: A) Command Economy. 9. Work done for a fee. A) Goods. B) Service. C) Tax. D) Profit. Show Answer Correct Answer: B) Service. 10. Which of the following is characteristic of traditional economy? A) Public service are available at little or no cost. B) It discourages new ideas and new ways of doing things. C) It has a great deal of economic freedom. D) It provides workers with few incentives to work hard. Show Answer Correct Answer: B) It discourages new ideas and new ways of doing things. 11. A tax on goods a country imports A) Embargoes. B) Subsides. C) Quota. D) Tariff. Show Answer Correct Answer: D) Tariff. 12. In which type of economy does the government control everything? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 13. Mr. Dyvig's business is ran incredibly strict. He sets the rules and his employees are expected to follow them. What form of economic system is this? A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: C) Command. 14. Which of the following leads to better, less expensive products in a capitalist economy? A) Competition. B) Quotas. C) Inequality. D) Market fluctuations. Show Answer Correct Answer: A) Competition. 15. Which is an example of human capital? A) Roads. B) Education. C) Factories. D) Machinery. Show Answer Correct Answer: B) Education. 16. What economic systems consists of both command and market? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 17. What do the economic systems of the United Kingdom, Germany, & Russia have in common? A) All are examples of pure market economies. B) All are examples of mixed economies. C) All are examples of traditional economies. D) All are examples of command economies. Show Answer Correct Answer: B) All are examples of mixed economies. 18. Since traditional economies are small, they aren't as destructive to the environment as developed economies. Which economic system is this? A) Market. B) Command. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 19. Which of the following is not an economic system? A) Traditional. B) Market. C) Command. D) Democratic. Show Answer Correct Answer: D) Democratic. 20. The United States is now categorized as this economic system. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. 21. Which of these terms/ideas best represents Karl Marx's theory of communism? A) Authoritarian. B) Common Property. C) Competition. D) Supply and Demand. Show Answer Correct Answer: B) Common Property. 22. Extent to which individuals or organizations are better off at the end of an economic exchange than before the exchange. A) Capitalism. B) Social Security. C) Private property rights. D) Profit. Show Answer Correct Answer: D) Profit. 23. Which is NOT one of the types of resources? A) Human. B) Sustainable. C) Natural. D) Capital. Show Answer Correct Answer: B) Sustainable. 24. In the products market, A) Firms buy goods and services from households. B) Firms sell goods and services to households. C) Firms sell resources to households. D) Firms buy resources from households. Show Answer Correct Answer: B) Firms sell goods and services to households. 25. An economy in which changes in prices completely guide what goods and services will be produced, distributed and consumed. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 26. Choosing an item that cost $ 2.00 cheaper than the original price A) Price. B) Command. C) Sharing Equally. D) Lottery. Show Answer Correct Answer: A) Price. 27. Which type of economic activity processes and distributes information? A) Quaternary. B) Secondary. C) Tertiary. D) Primary. Show Answer Correct Answer: A) Quaternary. 28. Economic system in which the central government makes all decisions on the production and consumption of goods and services. A) Command Economy. B) Centrally Planned Economy. C) Mixed Economy. D) Market Economy. Show Answer Correct Answer: B) Centrally Planned Economy. 29. Which of the following is NOT considered an economic and social goal? A) Entrepreneurship. B) Economic efficiency. C) Economic growth. D) Price stability. Show Answer Correct Answer: A) Entrepreneurship. 30. What type of economic system allows government and private businesses to make economic decisions? A) Market. B) Mixed. C) Traditional. D) Command. Show Answer Correct Answer: B) Mixed. ← 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