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Economic Systems Quiz 24 (25 MCQs)

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1. Mixed economy contains a mix of _____
2. Economic system that combines qualities of market and command systems into one
3. In which economic system is trade and barter most common?
4. 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?
5. 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?
6. Study of how individuals make choices with limited resources-people, cities, stores.
7. The main concern of a traditional economic system is _____
8. In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
9. In which type of economic system is consumer sovereignty most valued?
10. Main activities are often fishing, hunting, or farming
11. Which of the following is not an advantage of a command economy?
12. In this economic system, the government ensures healthy competition in the market:
13. Where government narrows the gap between rich and poor by providing more services
14. Government regulates but does not control economy
15. In which economic system is business allowed to fail and succeed based on their own merrit?
16. By age, by weight or height, by ancestry, alphabetically by name, by need, etc.
17. Which of the following is a basic characteristic of England's market economy?
18. Competition, entrepreneurship, no government intervention and extreme economic inequality would most likely exist in which of the economic systems below
19. Driving force that encourages people and organizations to improve their material well being
20. SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system?
21. If supply is low and demand is high
22. Market based economic system with limited government involvement
23. Economic decision are made on the basis of customs
24. Answer the question with the correct economic system.Consumers control resources. SUPPLY AND DEMAND
25. Products that are made to be sold are called _____, Examples of them are cars, iphones, and clothing
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