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Economic Systems Quiz 18 (30 MCQs)

Quiz Instructions

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1. A market economy is very different from a command economy. Which of the following is found in a market economy?
2. A system that most likely would use bartering or trading.
3. The current economic system in the U.S. is .....
4. The way a country organizes how it will produce goods to meet the needs of its people
5. Where individuals own all property and means of production and the government has a hands off policy.
6. ..... get to make the economic decisions under capitalism.
7. Private ownership of property is encouraged by which of the following economic systems?
8. Government takes care of people's needs while the market takes care of their wants in this economic system.
9. This economic system is described as "The Get Rich Way"
10. Buyers and sellers make the financial decisions
11. Which of the following is a service?
12. A major problem for individuals and private businesses in a socialist command economy is:
13. Communism is a type of .....
14. In which economic system does the government have the most control over economic resources?
15. How is business capital different from economic capital?
16. Communism is based on which of the following?
17. This country employs a command economy with elements of free enterprise:
18. Type of economy that is based on trading and bartering
19. What is a disadvantage of the economic system in the previous question?
20. The more money a company can charge for a good or service, the ..... goods or services that company will want to produce or supply.
21. Which of the following is a natural resource used to produce a hamburger?
22. The type of economic system a country has is based on:
23. Which of the following is NOT one of the 4 economic goals & societal values:
24. The type of economic system the United States has.
25. What major trade route connected Europe and Asia?
26. In a socialist economic system, the government-
27. In reality, this economy does not exist in a pure form:
28. When there is very little left of a product or service it is called .....
29. Government owns part of the means of production
30. An disadvantage of this economic system is:that leaders of this type of economy usually provide for themselves at the expense of the general population.
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