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Economic Systems Quiz 5 (25 MCQs)

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1. This type of economy is run by a central government or authority. Examples are:China, Cuba, France, Sweden
2. 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?
3. Which of these is the main principle behind a market economy?
4. How do citizens influence laws in a democratic government?
5. In a command economy, most of the property is owned by whom?
6. Subsistence system
7. Which of the following is NOT a branch of democratic governments?
8. Which statement about the reasons forgasoline's inelastic demand is true?
9. Which of the following is the disadvantage for a market economy?
10. SSEF4a Which type of economic system would have the least amount of government regulation?
11. A centrally planned economy promotes _____
12. Using goods and services by consumers
13. An economic system in which the government controls the factors of production and makes all of the economic decisions is called:
14. Based on habits, customs and beliefs
15. An disadvantage of this economic system is:it does not provide for everyone. Some people may be too young, too old, or too sick to earn a living or to care for themselves. These people would have difficulty surviving
16. What is the conversion of state owned factories and other property to private ownership?
17. This economic system is described as "the old way" .
18. What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
19. What did Adam Smith believe about economic systems?
20. Which economy is dictated by supply and demand and the buyers and sellers?
21. Basic economic problems exist because of
22. Which of the following is a potential problem in market economies?
23. What can the three basic economic questions determine?
24. A person who owns a business is called _____
25. The Country of Korea, who has a dictator that makes most of the econmic decisions is what kind of economy?
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