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Economic Systems Quiz 23 (25 MCQs)

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1. In my country, central planners decide when we should expand old factories and build new ones.
2. 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?
3. Amazon Rainforest communities and Australian Aborigines
4. What is a characteristic of a market economy?
5. Today, most economies are:
6. The founder of communism
7. When the price of a good or service fallsand consumers buy more of it, what is itthat has changed?
8. A market/free enterprise economy has _____ ownership of property and resources.
9. The economies of Israel, Saudi Arabia, Turkey and Iran could best be described as
10. The financial gain made in a transaction.
11. Individuals own businesses and freely choose what to buy and sell in free markets with little government interference
12. Which of the following is an economic system in which economic decisions are made according to social roles & culture?
13. I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
14. 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?
15. Subsistence farming can be found in this system
16. People rely on hunting, fishing & agriculture to meet their needsFamilies pass on their way of life to their children
17. When the price of a good or servicefalls, consumers usually buy more of it.Which law does this statement reflect?
18. The type of socialism now carried on by Russia is a form of _____ socialism.
19. The goods will be made the same way they always have been
20. Economic system where Social roles and culture determine how goods are made, sold, and bought.
21. In my country, central planners in the government decide when we should expand old factories and build new ones.
22. When 2 people make a trade and feel they are better off because of that exchange.
23. Which economic system rarely engage in market transactions, and grow and raise animals and crops?
24. 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
25. What is a key difference between capitalism and communism?
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