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Economic Systems Quiz 26 (30 MCQs)

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1. Name a stable, predictable and continuous economic system.
2. A ..... economy is a market-based system in which the government is involved to some extent.
3. The United States is an example of what economic systems?
4. Do not sure technology
5. Prices and supply and demand lead to production decisions.
6. Individuals and businesses own the means of production and distribution with limited government regulation in a ..... economy.
7. What is necessary to ensure increased standards of living?
8. Economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy
9. Two basic types of economic systems are .....
10. What type of economic system is based on customs and beliefs?
11. Which is NOT a characteristic of Capitalism?
12. As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
13. Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
14. Anyone who makes or grows a good or performs a service.
15. What are the characteristics of a traditional economic system?
16. The government gets to decide who gets what
17. In a mixed economy, what is one responsibility of the government?
18. The number limit on how many items of a particular product can be imported from a country is
19. Which of the following is the United States?
20. An economic system in which the government or central authority controls production.
21. What type of economic system allows the government AND private businesses to make key economic decisions?
22. Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
23. A person that takes a risk by starting a new business.
24. The division of labor; work is divided into parts for workers, factories or countries to become expert at producing certain goods
25. With which term is a command economic system MOST closely associated?
26. North Korea is a country that has a .....
27. Most countries have a mixed economy, which is a blend of which economic systems?
28. How do you satisfy your unlimited wants in a world of limited resources?
29. What kind of economy does most of the world have?
30. Which of the following is an example of a socialist economy?
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