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Economic Systems Quiz 4 (30 MCQs)

Quiz Instructions

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1. What is a common phrase used in capitalism?
2. In which economic system will you likely see mothers and fathers showing their children how to perform tasks that benefit their community?
3. GDP indicates the economy grew by 3.5%
4. Resources that can't be replaced like oil, gold, and silver. Once they are taken out of the ground, they can't grow back or be replaced.
5. Which one of the following words describes traditional economy?
6. If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
7. What is produced in this type of economy is determined by what consumers will buy.
8. Which of the following is not true of a Free Enterprise economy?
9. Work done by producers for other people is called a
10. A system of government in which the people elect candidates to make policies and laws for them.2. This is the type of government that the United States has.
11. The government owns some major industries like railroads and uses democratic methods to distribute wealth more equitably. Which political system is this?
12. The government controls the economic system and does not allow private ownership of the means of production and distribution in a ..... economy.
13. In which economic system is profit incentive to innovate?
14. Most socialist systems can also be described as
15. Economic system characterized by a central authority that makes most of the major economic decisions with people having less power.
16. Government creates social security program to help protect the elderly from poverty.
17. Items that are grown or made to be sold or traded are called
18. In a traditional economy, how are economic decisions made?
19. An disadvantage of this economic system is:giving up some of the individual freedom to choose; most decision making belongs to the government
20. This type of economy is run by a central government or authority. Examples are:China, Cuba, France, Sweden
21. Mr. Ross goes to the farmers market every Friday, where he makes & sells his steaks to people who come to his stand. What kind of economic system is this?
22. Which of these is the main principle behind a market economy?
23. How do citizens influence laws in a democratic government?
24. In a command economy, most of the property is owned by whom?
25. Subsistence system
26. Which of the following is NOT a branch of democratic governments?
27. Which statement about the reasons forgasoline's inelastic demand is true?
28. Which of the following is the disadvantage for a market economy?
29. SSEF4a Which type of economic system would have the least amount of government regulation?
30. A centrally planned economy promotes .....
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