Global MCQ Practice

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

Economic Systems Quiz 21 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The founder of communism
2. When the price of a good or service fallsand consumers buy more of it, what is itthat has changed?
3. A market/free enterprise economy has ..... ownership of property and resources.
4. The economies of Israel, Saudi Arabia, Turkey and Iran could best be described as
5. The financial gain made in a transaction.
6. What is the purpose of a tariff?
7. Individuals own businesses and freely choose what to buy and sell in free markets with little government interference
8. Which of the following is an economic system in which economic decisions are made according to social roles & culture?
9. I am a farmer in Africa, and have always traded for my goods. I have a ..... economy.
10. A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?
11. Mr. Beltz starts his own bakery. He employs three people, who get bonuses for their hardwork, but they still have to follow rules that Mr. Beltz has in his bakery. What kind of economic system is this?
12. Subsistence farming can be found in this system
13. People rely on hunting, fishing & agriculture to meet their needsFamilies pass on their way of life to their children
14. When the price of a good or servicefalls, consumers usually buy more of it.Which law does this statement reflect?
15. Which of the following is a good?
16. The type of socialism now carried on by Russia is a form of ..... socialism.
17. The goods will be made the same way they always have been
18. Economic system where Social roles and culture determine how goods are made, sold, and bought.
19. In my country, central planners in the government decide when we should expand old factories and build new ones.
20. When 2 people make a trade and feel they are better off because of that exchange.
21. Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?
22. Which economic system rarely engage in market transactions, and grow and raise animals and crops?
23. A rural family who has been farming for generations and generally uses only what it produces without much outside help best represents which type of economic system
24. What is a key difference between capitalism and communism?
25. Mixed economy contains a mix of .....
26. Economic system that combines qualities of market and command systems into one
27. In which economic system is trade and barter most common?
28. Sally works in a private company that has to follow government rules for public safety.
29. Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?
30. Ms. Hargrove owns a shoe show in Concord, NC and purchases a new BMW with the profits made from the store. What kind of economic system allows Ms. Hargrove to do this?
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books