This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 29 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. SSEF4 Which is a fundamental questions every society must answer? A) What goods and services are to be produced?. B) How are the goods and services to be produced?. C) For whom are the goods being produced. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. In which economic system would you expect the widest selection of consumer goods? A) Traditional. B) Socialist. C) Free Enterprise. D) Communist. Show Answer Correct Answer: C) Free Enterprise. 3. An economy in which changes in prices guide how goods and services will be produced, distributed and consumed. A) Mixed. B) Traditional. C) Command. D) Market. Show Answer Correct Answer: D) Market. 4. What is a monopoly? A) A rivalry between companies selling similar items. B) One company is the only one selling the item. C) Companies improving their stock. D) None of above. Show Answer Correct Answer: B) One company is the only one selling the item. 5. This person wrote "The Wealth of Nations" and believed the government should have a limited role in business. A) Bernie Sanders. B) Adam Smith. C) Charles Fourier. D) Hillary Trump. Show Answer Correct Answer: B) Adam Smith. 6. North Korea has a A) Traditional economic system. B) Command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: B) Command economic system. 7. (1) ..... Interaction of supply and demand Profit Incentive Entrepreneurs Which title goes in the blank above? A) Characteristics of a Free Enterprise Economy. B) Structure of a Socialist Economic System. C) Types of Economic Systems. D) Cottage Industries. Show Answer Correct Answer: A) Characteristics of a Free Enterprise Economy. 8. This system is associated with barter trade and earlier times (before money existed). A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 9. Which of the economies tends to be the most "equitable" ? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 10. The amount of a good or service available to buy is called A) Supply. B) Products. C) Consumers. D) Demand. Show Answer Correct Answer: A) Supply. 11. What type of economic system does Canada have? A) Market. B) Command. C) Mixed. D) Traditional. Show Answer Correct Answer: C) Mixed. 12. Which economic system would be the worst for competition between producers? A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: A) Traditional. 13. Which of the following is an economic system in which some businesses and industries are controlled by the government? A) Free Enterprise. B) Communist. C) Socialist. D) None of above. Show Answer Correct Answer: C) Socialist. 14. Which economic enterprise would Adam Smith most favor? A) Government-run railroad in Africa. B) Commune in Communist China. C) Privately owned factory in France. D) Medieval manor in Europe. Show Answer Correct Answer: C) Privately owned factory in France. 15. What are the 3 economic questions? A) Why to produce? Tell who to produce? Things to produce?. B) What to produce? How to produce? When to produce?. C) What to produce? How To Produce? For whom to produce?. D) Who to produce? Why you produce? Like to produce?. Show Answer Correct Answer: C) What to produce? How To Produce? For whom to produce?. 16. A ..... economy is driven entirely by voluntary exchange in markets A) Traditional. B) Planned/Command. C) Mixed. D) Free Market. Show Answer Correct Answer: D) Free Market. 17. The concentration of the productive efforts of individuals and firms on a limited number of activities. A) Specialization. B) Mixed Economy. C) Firm. D) Profit. Show Answer Correct Answer: A) Specialization. 18. Which trade barrier discourages trade by placing a tax on foreign goods? A) Embargo. B) Tariff. C) Debt. D) Quota. Show Answer Correct Answer: B) Tariff. 19. In what type of political system does the government control every aspect of society? A) Parliamentary. B) Democratic. C) Communism. D) Authoritarian. Show Answer Correct Answer: D) Authoritarian. 20. Choose the correct examples of a quaternary activity. A) Truck driver, doctor, store clerk, restaurant. B) Manufacturing and construction. C) Mining, agriculture, fishing. D) Research and data processing. Show Answer Correct Answer: D) Research and data processing. 21. In this economic system, the government usually provides environmental protections, employment standards, and welfare: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 22. Which economic system allows the individual to answer the 3 economic questions? A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: B) Market. 23. How does a 'command economy' work? A) People conduct 'economic transactions' freely. B) The government controls all 'economic transactions'. C) Economic transactions' are secondary to environmental concerns. D) None of above. Show Answer Correct Answer: B) The government controls all 'economic transactions'. 24. What is the best way to describe a mixed economy? A) It's a mix of two (or three) of the economic systems we've discussed. B) It's like a command, but the person in charge is nicer. C) A traditional economy, but you sell AWAY from your community. D) None of above. Show Answer Correct Answer: A) It's a mix of two (or three) of the economic systems we've discussed. 25. Who owned everything under communism? A) The poor people. B) Wealthy people. C) The secret police. D) The government. Show Answer Correct Answer: D) The government. 26. Choose the correct examples of a secondary activity. A) Truck driver, doctor, store clerk, restaurant. B) Manufacturing and construction. C) Mining, agriculture, fishing. D) Research and data processing. Show Answer Correct Answer: B) Manufacturing and construction. 27. This economic system involves farming. A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: A) Traditional. 28. In a communist society ..... A) The government controls the means of production. B) The individual owns the means of production. C) There is no wealth or private property. D) Wealth is distributed evenly amongst society. Show Answer Correct Answer: C) There is no wealth or private property. 29. What is an economic problem every nation has? A) How to maximise profits. B) Not enough population. C) Too much pollution. D) Not enough resources to satisfy all wants. Show Answer Correct Answer: D) Not enough resources to satisfy all wants. 30. What type of economy do most democratic countries have? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: D) Mixed economy. ← 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