This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 22 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Study of how individuals make choices with limited resources-people, cities, stores. A) Positive. B) Macro. C) Normative. D) Micro. Show Answer Correct Answer: D) Micro. 2. The main concern of a traditional economic system is ..... A) To be the most productive society globally. B) To make private property and competition laws. C) To support the wants and needs of the individual consumer. D) To support the basic needs of the society as a whole. Show Answer Correct Answer: D) To support the basic needs of the society as a whole. 3. In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy? A) Traditional. B) Market. C) Command. D) Centrally planned. Show Answer Correct Answer: A) Traditional. 4. In a traditional economic system, which type of goods is most often produced? A) Agricultural products. B) Heavy industrial machinery. C) Military supplies. D) Electronics and computers. Show Answer Correct Answer: A) Agricultural products. 5. In which type of economic system is consumer sovereignty most valued? A) Free Market. B) Mixed. C) Traditional. D) Command. Show Answer Correct Answer: A) Free Market. 6. Main activities are often fishing, hunting, or farming A) Command. B) Market. C) Traditonal. D) None of above. Show Answer Correct Answer: C) Traditonal. 7. Which of the following is not an advantage of a command economy? A) Serves people collectively by focusing on equality. B) Products produced fulfill needs. C) Lack of incentive for innovation. D) Can ensure stability. Show Answer Correct Answer: C) Lack of incentive for innovation. 8. In this economic system, the government ensures healthy competition in the market: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 9. Where government narrows the gap between rich and poor by providing more services A) Communism. B) Socialism. C) Capitalism. D) None of above. Show Answer Correct Answer: B) Socialism. 10. Government regulates but does not control economy A) Traditional economic system. B) Command economic system. C) Market economic system. D) Mixed economic system. Show Answer Correct Answer: D) Mixed economic system. 11. In which economic system is business allowed to fail and succeed based on their own merrit? A) Mixed. B) Command. C) Market. D) Traditional. Show Answer Correct Answer: C) Market. 12. By age, by weight or height, by ancestry, alphabetically by name, by need, etc. A) Random Draw. B) Fiat. C) First Come, First Served. D) Personal Characteristic. Show Answer Correct Answer: D) Personal Characteristic. 13. Which of the following is a basic characteristic of England's market economy? A) The government owns or controls the means of production. B) The economy is dependent on subsistence farming. C) Consumer demand determines what is to be produced. D) Government agencies set wages and prices. Show Answer Correct Answer: C) Consumer demand determines what is to be produced. 14. Competition, entrepreneurship, no government intervention and extreme economic inequality would most likely exist in which of the economic systems below A) Traditional. B) Free-market Capitalism. C) Centrally-planned Command. D) Equitorial. Show Answer Correct Answer: B) Free-market Capitalism. 15. Driving force that encourages people and organizations to improve their material well being A) Social Security. B) Voluntary exchange. C) Economic system. D) Profit motive. Show Answer Correct Answer: D) Profit motive. 16. SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system? A) Command. B) Market. C) Traditional. D) None of the above. Show Answer Correct Answer: B) Market. 17. If supply is low and demand is high A) Prices drop. B) Competition disappears. C) Prices rise. D) Prices remain flat. Show Answer Correct Answer: C) Prices rise. 18. Market based economic system with limited government involvement A) Economic. B) Traditional. C) Mixed. D) Free Market. Show Answer Correct Answer: D) Free Market. 19. Economic decision are made on the basis of customs A) Socialism. B) Free enterprise. C) Traditional. D) Communism. Show Answer Correct Answer: C) Traditional. 20. Answer the question with the correct economic system.Consumers control resources. SUPPLY AND DEMAND A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 21. Products that are made to be sold are called ....., Examples of them are cars, iphones, and clothing A) Money. B) Goods. C) Services. D) Consumers. Show Answer Correct Answer: B) Goods. 22. What is foreign exchange? A) Exchanging with your neighbor. B) Exchanging with another country. C) Depositing money in your bank account. D) Exchanging money with a store. Show Answer Correct Answer: B) Exchanging with another country. 23. Which type of economic activity extracts or harvests raw materials? A) Tertiary. B) Quaternary. C) Primary. D) Secondary. Show Answer Correct Answer: C) Primary. 24. The three basic economic systems are A) Market, mixed, and monarchy. B) Market, mixed, and oilgarchy. C) Command, market, and mixed. D) Democracy, traditional, and mixed. Show Answer Correct Answer: C) Command, market, and mixed. 25. Federal program of disability and retirement benefits that covers most working people A) Life Alert. B) AARP. C) Social Security. D) Medicaid. Show Answer Correct Answer: C) Social Security. 26. What is a government that is run by the people, either directly or indirectly? A) Autocracy. B) Monarchy. C) Oligarchy. D) Democracy. Show Answer Correct Answer: D) Democracy. 27. Why do no countries have a pure market economy? A) It is too expensive. B) It is too difficult to run. C) It is too dangerous because people could by dangerous things. D) It does not allow free trade. Show Answer Correct Answer: C) It is too dangerous because people could by dangerous things. 28. Which of the following countries is an example of a free enterprise? A) Sweden. B) Cuba. C) North Korea. D) USA. Show Answer Correct Answer: D) USA. 29. Pulling names out of a hat to see who gets the prize A) Price. B) Lottery. C) Sharing Equally. D) Command. Show Answer Correct Answer: B) Lottery. 30. What type of economic system do some villages in Africa and South America have? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. ← PreviousNext →Related QuizzesSystems QuizzesEconomics QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books