Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Economic Systems Quiz 20 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. This system is associated with the least government involvement.
2. During the 1800s, the writings of Marx, Engels, and Dickens focused attention on the problems faced by
3. Which is the central characteristic of a free market economy?
4. Citizens receive a free college education, but also have freedom to make their own career and business decisions
5. An disadvantage of this economic system is:that it tends to discourage new ideas and new ways of doing things.
6. This economic system has government rules to protect consumers but also allows freedom for consumers to make economic choices.
7. The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken.
8. In which situation would you increase your price if you were a business owner?
9. ..... plays a small role in a market economy.
10. The method used by a society to produce and distribute goods and services.
11. Goods that are used to produce other goods are called .....
12. Which of the following is an economic and political system where the government plans and controls a country's economy (including production and distribution of goods)?
13. People use the resources they have to make only what they need to survive.
14. ..... are a positive incentive for entrepreneurs to start a business despite the risks.
15. A system that uses bartering or trading.
16. Based on traditions
17. In a communist command economy, who decides how the economic questions will be answered?
18. Which group controls goods and services in a communist economic system?
19. When supply and demand decides what the market produces it is what type of economy?
20. Who were the fathers of Communism and Capitalism, respectively?
21. The United States economy is based on this system:
22. How many types of economies are there?
23. The people who do the labor. Anyone who works.
24. Totalitarian governments are highly
25. In my country, central planners decide when we should expand old factories and build new ones.
26. Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?
27. As a result, it has no system to care for those who are at an inherent competitive disadvantage. That includes the elderly, children, and people with mental or physical disabilities. Which disadvantage does this belong to?
28. Amazon Rainforest communities and Australian Aborigines
29. What is a characteristic of a market economy?
30. Today, most economies are:
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books