Economic Systems Quiz 18 (25 MCQs)

Quiz Instructions:

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1. Who owns the factors of production in the competitive economic system of capitalism?

2. Inputs needed to produce a good or service.

3. Different nations interacting through people, government, business, trade & technology is

4. What is NOT true about communism?

5. Laissez-faire capitalism as attributed to Adam Smith called for

6. People or businesses that buy or use goods or services are known as

7. Which of the basic economic systems allow government to control most aspects of the economy?

8. Which of the following best describe a tariff?

9. Economic system where individuals (producers and consumers) answer the three basic economic questions:

10. North Korea has what type of economic system? Hint:their government controls every aspect of the economy

11. This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.

12. An advantage of this economic system is:the variety of goods and services that are produced.

13. 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:

14. This economic system is described as "The Government's Way"

15. In a socialist economic system, who tends to answer the question of how products will be produced?

16. Which factor determines who a society will produce goods and services for?

17. Economic system in which a central authority is in command of the economy.

18. A Mixed Economy uses ideas from _____

19. What is one way government can foster human capital?

20. The methods that society uses to produce and distribute resources

21. Which of the following is true of traditional economies?

22. Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.

23. What did karl marx believe in?

24. Work done for a fee.

25. Which of the following is characteristic of traditional economy?