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Economic Systems Quiz 3 (30 MCQs)

Quiz Instructions

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1. What resources did Mesopotamia have?
2. An economy most similar to that of the former Soviet Union
3. A supply & demand graph
4. Most democratic nations have ..... economies.
5. When private industry & government decides how something is produced it is what type of market?
6. Capitalism is most associated with which type of economy
7. An economic system that allows individuals to start businesses, but still has government regulations is
8. Adam Smith's concept of the invisible hand is best described as:
9. In this type of economic system, consumers and producers make all economic decisions.
10. A disadvantage to the Mixed Economy is
11. What economic system involves everyone sharing the public good?
12. 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)?
13. Which economic system has the government answer the three economic questions?
14. Economic system found in rural, non-developed countries
15. Bartering can be seen in which type of economy?
16. A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.
17. Promotes a just and fair system
18. Supply and demand alone controls production of goods and services?
19. This economic system is associated with some government-run and some privately-owned businesses.
20. This economic system is considered "primitive":
21. An advantage of this economic system is:that everyone knows which role to play.
22. Which of the following countries has economy?
23. Business FREEDOM
24. ..... is the most basic economic problem.
25. In this type of economy, private industry alone decides how something is produced. The product is produced for the consumers.
26. An economic system in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor is called:
27. Producers determine supply. Consumers determine demand. Companies seek profits. Which economic system is described above?
28. Which type of economy is based on traditions and beliefs?
29. What is a trade barrier?
30. Which of the economic systems is the least popular today?
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