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Economic Systems Quiz 2 (30 MCQs)

Quiz Instructions

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1. Which type of economy is run by the businesses & business owners?
2. Which of the countries below uses a Socialist Economy?
3. An economy that combines elements of command and market economy is
4. Turkey, like most countries, has much economic freedom with some government involvement. Which term describes this economic system?
5. Which of the following best describes the Laissez-Faire approach to the economy?
6. The United States is an example of a country that has a .....
7. Farmers and hunters pass down their skills to a younger generation in which economy?
8. Government planning groups make the basic economic decisions.
9. Businesses can produce goods how they think the consumers will want them
10. The definition of Economics is the
11. Factors of Production are .....
12. What do the economic systems of the UK, Germany and Russia all have in common?
13. An economic system that relies on habit, custom, or ritual to decide the three key economic questions.
14. What can cause a country to have a low literacy rate?
15. An economic system in which a free market prevails.
16. Since a this economy allows supply and demand, it ensures that the most desired goods and services are produced. Which advantage is this?
17. The doctrine that government generally should not intervene in the marketplace:
18. In this system, taxes are really high
19. All of the following are NATURAL resources, except:
20. Which of the following is a problem with transitioning to capitalism?
21. Competition and profit motive are important characteristics of a:
22. In this economic system, both private sector and government direct the economy:
23. Jane wants to be a scientists, but her family have always been farmers, so she becomes a farmer
24. Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.
25. In this section of the quiz, you are going to read a statement about cows, and, using the clues in the sentence, pick which system it is describing:A farmer owns two cows and sells the milk to a government-owned dairy.
26. A person who comes up with a product or service, and finds the money and time to produce this new product.
27. Which of the following is found in a market economy?
28. Advantages of this economic system is that everyone is aware of resources & distribution, jobs, responsibilities are understood and there is less destruction to the environment.
29. In my country my job is the same one that my family has done over the past 200 years.
30. Level of economic prosperity.
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