Economic Systems Quiz 32 (25 MCQs)

Quiz Instructions:

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1. In which economic system would you expect the widest selection of consumer goods?

2. An economy in which changes in prices guide how goods and services will be produced, distributed and consumed.

3. This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.

4. North Korea has a

5. (1) _____ Interaction of supply and demand Profit Incentive Entrepreneurs Which title goes in the blank above?

6. This system is associated with barter trade and earlier times (before money existed).

7. Which of the economies tends to be the most "equitable" ?

8. The amount of a good or service available to buy is called

9. What type of economic system does Canada have?

10. Which economic system would be the worst for competition between producers?

11. Which of the following is an economic system in which some businesses and industries are controlled by the government?

12. Which economic enterprise would Adam Smith most favor?

13. A _____ economy is driven entirely by voluntary exchange in markets

14. The concentration of the productive efforts of individuals and firms on a limited number of activities.

15. Which trade barrier discourages trade by placing a tax on foreign goods?

16. In what type of political system does the government control every aspect of society?

17. Choose the correct examples of a quaternary activity.

18. In this economic system, the government usually provides environmental protections, employment standards, and welfare:

19. Which economic system allows the individual to answer the 3 economic questions?

20. How does a 'command economy' work?

21. What is the best way to describe a mixed economy?

22. Who owned everything under communism?

23. Choose the correct examples of a secondary activity.

24. This economic system involves farming.

25. In a communist society _____