This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 27 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is an economic system? A) The type of government a country uses. B) A plan that decides how a country's resources are used. C) How citizens elect government officials. D) The method by which a country makes and distributes its currency. Show Answer Correct Answer: B) A plan that decides how a country's resources are used. 2. An organization that uses resources to produce a product, which it then sells. A) Free Enterprise. B) Firm. C) Consumer Sovereignty. D) Market. Show Answer Correct Answer: B) Firm. 3. Which of the countries listed below has a Command Economy? A) France. B) USA. C) Cuba. D) Afghanistan. Show Answer Correct Answer: C) Cuba. 4. Reduces extreme ups and downs in our economy and helps to keep prices from changing too quickly A) Growth. B) Stability. C) Security. D) Full employment. Show Answer Correct Answer: B) Stability. 5. SSEF4c We start a new colony on mars and must distribute the scarce resources we have to everyone. We do so by having our leader allocate them as he decides. This strategy for allocating resources would be considered: A) Authority. B) Lottery. C) Majority rule. D) Sharing. Show Answer Correct Answer: A) Authority. 6. Which of the following countries are/were command economies? A) N Korea. B) Cuba. C) Vietnam. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Exchanging goods between countries A) Quota. B) International trade. C) Embargo. D) Specialization. Show Answer Correct Answer: B) International trade. 8. Which type of economic system bases its decisions on custom? A) Market Economy. B) Mixed Economy. C) Command Economy. D) Traditional Economy. Show Answer Correct Answer: D) Traditional Economy. 9. What does government provide with the revenue it takes in from taxes? A) Headaches. B) Public goods and services. C) More Congressmen. D) Greater control of the media. Show Answer Correct Answer: B) Public goods and services. 10. In which type of economy is whats produce, its price, and who gets the product determined solely by supply and demand? A) Socialist. B) Comunist. C) Market. D) Traditional. Show Answer Correct Answer: C) Market. 11. When the demand is high A) Fewer people will be buying the product. B) Competitors see the opportunity and enter the marketplace. C) Fewer people will produce the item. D) Fewer people will buy the item. Show Answer Correct Answer: B) Competitors see the opportunity and enter the marketplace. 12. The study of how people choose to use their resources A) Economics. B) Entrepreneur. C) Specialization. D) Incentive. Show Answer Correct Answer: A) Economics. 13. ..... is a system in which goods and services are bought and sold. A) Store. B) Market. C) Economy. D) Entrepreneurship. Show Answer Correct Answer: C) Economy. 14. What is the result when people want or need more of something than there is? A) Opportunity Cost. B) Profit. C) Tax. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 15. Advantages of this economic system are low levels of inequality in wealth and unemployment. A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: D) Command. 16. Which would be a problem in a command economy? A) Local crafts produced before manufactured goods. B) Workers forced to do jobs they did not care to do. C) Government planners set prices for goods produced. D) Individuals trying to start a new business. Show Answer Correct Answer: C) Government planners set prices for goods produced. 17. How do Russia's harsh climate, size, and rivers affect its economic development? A) Russia is the richest nation on earth. B) Russia's natural resources are difficult to use. C) Russia can easily transport goods to Asia. D) The land in Siberia is very easy to farm. Show Answer Correct Answer: B) Russia's natural resources are difficult to use. 18. Which type of economy ensures more benefits to its citizens because it offers incentives for people to use their skills and creativity to start their own businesses. A) Socialist economy. B) Communist economy. C) Market economy. D) None of above. Show Answer Correct Answer: C) Market economy. 19. Which economic system most accurately describes the United States? A) Traditional system. B) Command economy. C) Pure free market. D) Modified free enterprise. Show Answer Correct Answer: D) Modified free enterprise. 20. A ..... economy is driven entirely by voluntary exchange in markets; No government intervention A) Traditional. B) Planned/Command. C) Mixed. D) Market. Show Answer Correct Answer: D) Market. 21. Farming, hunting, gathering, and herding are often part of this type of economic system. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 22. In this type of economy, the government has some involvement in the economy. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 23. This system is associated with the ideas of Karl Marx and communism. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: C) Command Economy. 24. What type of economy do most countries in the world have? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: D) Mixed economy. 25. Actions in this type of economy relate to ritual, habit and custom. A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: A) Traditional. 26. Which of the following is NOT a good? A) A basketball. B) A pair of shoes. C) Teaching. D) PS4. Show Answer Correct Answer: C) Teaching. 27. Which economy is not on the economic continuum? A) Mixed. B) Traditional. C) Command. D) Market. Show Answer Correct Answer: B) Traditional. 28. Which group has the greatest influence in determining what goods and services will be produced in a communist economic system? A) Farmers. B) Business leaders. C) Government officials. D) Consumers. Show Answer Correct Answer: C) Government officials. 29. The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this? A) Traditional. B) Market. C) Command. D) Centrally Planned. Show Answer Correct Answer: C) Command. 30. In this system, people can be really rich, but you also have people that are poor, hungry and homeless A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. ← 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