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Economic Systems Quiz 29 (25 MCQs)

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1. 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
2. Two basic types of economic systems are _____
3. Which is NOT a characteristic of Capitalism?
4. As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
5. Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
6. Anyone who makes or grows a good or performs a service.
7. What are the characteristics of a traditional economic system?
8. The government gets to decide who gets what
9. In a mixed economy, what is one responsibility of the government?
10. The number limit on how many items of a particular product can be imported from a country is
11. Which of the following is the United States?
12. An economic system in which the government or central authority controls production.
13. What type of economic system allows the government AND private businesses to make key economic decisions?
14. Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
15. A person that takes a risk by starting a new business.
16. The division of labor; work is divided into parts for workers, factories or countries to become expert at producing certain goods
17. North Korea is a country that has a _____
18. Most countries have a mixed economy, which is a blend of which economic systems?
19. What kind of economy does most of the world have?
20. Which of the following is an example of a socialist economy?
21. What is an economic system?
22. An organization that uses resources to produce a product, which it then sells.
23. Which of the countries listed below has a Command Economy?
24. 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:
25. Which of the following countries are/were command economies?
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