This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 23 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following economic systems aims for the highest level of income equality among its citizens? A) Planned socialism. B) Subsistence. C) Pure Market capitalism. D) Mixed market capitalism. Show Answer Correct Answer: A) Planned socialism. 2. What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce? A) Market. B) Mixed. C) Command. D) Traditional. Show Answer Correct Answer: A) Market. 3. An increase in competition would have what effect on price? A) Price goes down. B) Price goes up. C) Price stays the same. D) It explodes. Show Answer Correct Answer: A) Price goes down. 4. What assumption can we make about people living in command economies A) They are happy with their government. B) They have all their wants and needs met. C) They are experiencing shortages. D) They are all happy with their jobs. Show Answer Correct Answer: C) They are experiencing shortages. 5. This is where people believe in doing things the same as they have always been done. A) Socialist economy. B) Traditional economy. C) Market economy. D) Mixed economy. Show Answer Correct Answer: B) Traditional economy. 6. An advantage of socialism includes A) Limited government. B) Lower taxes. C) It is by far the coolest system. D) Equitable distribution of benefits. Show Answer Correct Answer: D) Equitable distribution of benefits. 7. A market system is best described as a system with: A) Free trade. B) Competition. C) Profit motive. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Disadvantages of this economic system is that goods and services are produced the same as they were generations ago and they are more impacted by environmental changes. A) Command. B) Traditional. C) Mixed. D) Market. Show Answer Correct Answer: B) Traditional. 9. Which of the following is an economic system in which the government and people are used to decide how to use scarce resources? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: D) Mixed economy. 10. When it costs more to make a good than what you sell the good for. A) Profit. B) Loss. C) Service. D) Tax. Show Answer Correct Answer: B) Loss. 11. What kind of resource is oil? A) Natural. B) Human. C) Cultural. D) Capital Goods. Show Answer Correct Answer: A) Natural. 12. This economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers. A) Socialism. B) Communism. C) Capitalism. D) Mixed Market Economy. Show Answer Correct Answer: C) Capitalism. 13. A ..... economy is guided primarily by custom, habit, and ritual. A) Traditional. B) Planned/command. C) Mixed. D) Free Market. Show Answer Correct Answer: A) Traditional. 14. The economic system of communist countries is most closely related to A) Command economy. B) Market economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: A) Command economy. 15. Which of the following represents a MIXED economy? A) Command + Traditional. B) Traditional + Market. C) Command + Market. D) Command + Producers. Show Answer Correct Answer: C) Command + Market. 16. Bartering and trading are mainly used in this economy: A) Traditional Economy. B) Market Economy. C) Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 17. Trading without using money is known as ..... A) Market. B) Competition. C) Negotiation. D) Barter. Show Answer Correct Answer: D) Barter. 18. This economic system discourages new ideas or change. A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: A) Traditional. 19. What is an advantage of a command economy? A) No innovation. B) Government control. C) Lack of resources. D) Job security. Show Answer Correct Answer: D) Job security. 20. Communist countries like the former Soviet Union, former East Germany and Cuba had which system of economy? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 21. One's own personal gain. A) Firm. B) Profit. C) Self-Interest. D) Free Enterprise. Show Answer Correct Answer: C) Self-Interest. 22. Who or what answers the basic economic questions in a mixed economy? A) Individuals and Businesses. B) Government. C) Custom. D) Individuals, Businesses, and Government. Show Answer Correct Answer: D) Individuals, Businesses, and Government. 23. What is an economic system where only the government makes the economic decisions? A) Traditional economy. B) Free enterprise. C) Mixed economy. D) Command economy. Show Answer Correct Answer: D) Command economy. 24. Lack of economic growth is a major problem for ..... economic systems. A) Traditional. B) Communist command. C) Market. D) Socialist. Show Answer Correct Answer: A) Traditional. 25. "Our society is based on the principles of individual ..... " A) Equality. B) Freedom. C) Rights. D) Aspects. Show Answer Correct Answer: B) Freedom. 26. Which describes how MOST countries around the world answer basic economic questions? A) A miture of command and market econommies. B) Most countries are pure market economies. C) Most countries are pure command economies. D) A mixture of traditional and market economies. Show Answer Correct Answer: A) A miture of command and market econommies. 27. In its pure form, this type of economy has no government control. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 28. An economic system in which people and privately owned companies own both basic and non-basic businesses and industries A) Capitalism. B) Communism. C) Socialism. D) None of above. Show Answer Correct Answer: A) Capitalism. 29. Every economic system answers three questions. What is produced? How is it produced? A) For whom is it produced?. B) Why is it being produced?. C) Should it be proeuced at all?. D) How easily can it be produced?. Show Answer Correct Answer: A) For whom is it produced?. 30. Public goods are funded by A) Charitable donations collected by the government. B) Taxes collected by the government. C) Profits made by public companies. D) Profits made by private businesses. Show Answer Correct Answer: B) Taxes collected by the government. ← 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