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Economic Systems Quiz 3 (25 MCQs)

Quiz Instructions:

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1. Jane wants to be a scientists, but her family have always been farmers, so she becomes a farmer
2. In this section of the quiz, you are going to read a statement about cows, and, using the clues in the sentence, pick which system it is describing:A farmer owns two cows and sells the milk to a government-owned dairy.
3. A person who comes up with a product or service, and finds the money and time to produce this new product.
4. Which of the following is found in a market economy?
5. Advantages of this economic system is that everyone is aware of resources & distribution, jobs, responsibilities are understood and there is less destruction to the environment.
6. In my country my job is the same one that my family has done over the past 200 years.
7. Level of economic prosperity.
8. What resources did Mesopotamia have?
9. An economy most similar to that of the former Soviet Union
10. A supply & demand graph
11. Most democratic nations have _____ economies.
12. When private industry & government decides how something is produced it is what type of market?
13. Capitalism is most associated with which type of economy
14. Adam Smith's concept of the invisible hand is best described as:
15. In this type of economic system, consumers and producers make all economic decisions.
16. A disadvantage to the Mixed Economy is
17. What economic system involves everyone sharing the public good?
18. Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?
19. Which economic system has the government answer the three economic questions?
20. Economic system found in rural, non-developed countries
21. Bartering can be seen in which type of economy?
22. A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.
23. Supply and demand alone controls production of goods and services?
24. This economic system is associated with some government-run and some privately-owned businesses.
25. This economic system is considered "primitive":
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