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Economic Systems Quiz 24 (30 MCQs)

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1. Goods produced and used to make other goods and services.
2. In this type of economy, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
3. In this economic system individuals and businesses own all of the resources, but government intervention attempts to protect both consumer and business interests.
4. In this economic system, prices of goods and services are determined in a free price system:
5. Karl Marx is credited with the starting of
6. How many countries are in the world today?
7. Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.
8. How a command economy is different from a socialist economy
9. Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?
10. Which economic system is found in simple agricultural societies?
11. Place where buyers and sellers meet to exchange goods and services for money
12. In my country there is a high degree of uncertainty for businesses and workers.
13. Which types of economies are arranged from least government involvement to the greatest?
14. Economic questions all economies ask
15. Economic System where the government funds a safety net to make sure everyone's basic needs are met. Non-basic businesses remain privately owned
16. Which describes entrepreneurship?
17. Cottage industries can be found in this system
18. What is an economic system in which the government owns some factors of production and has a role in determining what and how goods are produced?
19. This is an economic system where people follow the occupation of their ancestors:
20. The government makes ALL of the economic decisions in a:
21. Which one of these is not a positive aspect of government regulation
22. Which of the following is NOT TRUE of socialism?
23. Who owns factors of production in a command economy?
24. Where government owns all property and means of production and people share equally.
25. In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.
26. If the government makes me produce 70 T-Shirts, what economic system is this?
27. Limiting the amount of food a community gets.
28. One of the advantages of this economic system is that government regulations provide for safety and environmental concerns.
29. When we have limited resources, we are experiencing .....
30. Which of the following is an example of a traditional economy?
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