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Economic Systems Quiz 28 (30 MCQs)

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1. There is no truly pure Market economic systems, but which of the following countries is the closest?
2. Karl Marx and Friedrich Engels encouraged workers to improve their lives by
3. As prices fall for a particular good or service, the demand for that item will increase & vice-versa.
4. This economic system does not meet the needs and wants of citizens because the central authority makes all decisions, rather than the individual.
5. ..... results in lower prices and better quality goods and services.
6. Which of these associations is incorrect?
7. The economic system of communist countries is most closely related to which of the following:
8. In a ..... economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
9. How do governments, businesses and individuals deal with having unlimited needs and wants with scarce resources?
10. An adult, government, or someone in charge decides who gets the scarce resource.
11. Manufacture of goods and services with exchange value
12. Which system of government will you find shared power between state and central government?
13. The United States has a mixed economy which is a combination of which two economic philosophies?
14. The government should not interfere with the rights of individuals to make their own living. This viewpoint is aligned with the principles of:
15. If the price of an item goes down, ..... consumers will likely purchase that item.
16. One of the characteristics of socialism include
17. What economic system values security and safety nets?
18. In my country, there is little economic growth because we do not use any new technologies.
19. In a command economy, most of the capital, tools, and production equipment are
20. This economic system has the MOST government control .....
21. What is another term for trade between nations?
22. Mr. Moss starts a breakfast business, and he plans to pass it down to his son when he's ready to retire. Mr. Moss' son would then pass it down to his son and so on. What kind of economic system is this?
23. An economic system based on private property and free enterprise. Little government involvement
24. If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this?
25. If the supply of a good is higher than the demand, what happens to the price?
26. Many major industries in Saudi Arabia have significant government involvement or are government controlled. Based solely on this information, which type of economic system would BEST describe Saudi Arabia?
27. An economy in which most of the economic decisions are made based on customs and habits of the past.
28. Which economic system do you think consumers (like you) would like the most?
29. Which of the following is not an example of a free enterprise economic system?
30. An disadvantage of this economic system is:that rewards for individual initiatives are rare
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