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Economic Systems Quiz 5 (30 MCQs)

Quiz Instructions

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1. Using goods and services by consumers
2. An economic system in which the government controls the factors of production and makes all of the economic decisions is called:
3. Based on habits, customs and beliefs
4. 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
5. What is the conversion of state owned factories and other property to private ownership?
6. What is an entrepreneur?
7. This economic system is described as "the old way" .
8. What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
9. What did Adam Smith believe about economic systems?
10. Which economy is dictated by supply and demand and the buyers and sellers?
11. A system for producing and distributing goods, and services to fulfill people's wants
12. Basic economic problems exist because of
13. Which of the following is a potential problem in market economies?
14. What can the three basic economic questions determine?
15. A person who owns a business is called .....
16. The Country of Korea, who has a dictator that makes most of the econmic decisions is what kind of economy?
17. This exists when wants exceed resources available to satisfy those wants.
18. Which of the following is one of the four factors of production?
19. People sell their crops in village markets for items they need is an example of .....
20. The United States is this type of system
21. The way in which an economic system answers the basic economic questions depends upon the country's:
22. The power of consumers to decide what gets produced.
23. This economic system is based on individual freedom.
24. Socialism is a system that relies on the use of .....
25. Which type of economy is controlled by the government?
26. Disadvantages of this economic system are frequent shortages, lack of consumer choice, lack of competition and lack of efficiency.
27. Which type of economy has the government making all decisions?
28. Resources that are made by people to make other things.
29. This includes the customers & locations a business wants to serve.
30. What type of economic system is based cultural or religious beliefs and is often referred to as a subsistence economy?
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