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Economic Systems Quiz 19 (30 MCQs)

Quiz Instructions

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1. Which economic system does the government make all economic decisions and owns most of the property-it is sometimes called communism?
2. This economic system is usually rural and farm-based:
3. ..... is the most basic or fundamental economic problem.
4. Which is not a function of all economic systems?
5. This economic system is defined by bartering and trading:
6. This system is associated with some government-run and some privately-owned businesses.
7. Oil, natural gas, and coal are:
8. China and Cuba are examples of this economic system
9. What action do consumers take that determines what will be produced in a market economy?
10. Adam Smith's call for the restricting of government in the economy is called .....
11. A strength of this type of economy is its ability to rapidly change in a short period of time.
12. Most nations have this type of economy. In it, the marketplace takes care of people's wants and the government takes care of their needs.The U.S. has this type.
13. An example of a country that has a socialist command economy is:
14. Goods and services are produced using .....
15. What to produce?2. How to produce it?3. How much to produce? 4. Who gets what is produced?
16. The amount of money earned by a seller after costs are removed is called
17. Economic equity is the ..... with which an economy distributes its resources and wealth.
18. Families pass on skills, land, and animals from generation to generation
19. Economic decisions based on customs or beliefs are found in a what economic system used by the Inuit?
20. In which economic system does the government have all the power?
21. In this economic system, you would not find entrepreneurs:
22. What is the major goal of socialism?
23. Which one is an advantage of command economy.
24. The price of the farmer's milk is determined by the amount of milk produced and the total amount people want to buy.
25. What is the most common economic system today?
26. In my country there is a private sector and a public sector.
27. An economic system based on equity and in which the government decides what gets made and sets prices is called a
28. A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government.
29. People that buy a product
30. Goods and services are produced the way it has always been done is what type of economic system?
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