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Economic Systems Quiz 6 (30 MCQs)

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1. Tax placed on an imported good
2. In a traditional economy, information about the way goods are produced is passed from one generation to the next by the-
3. An advantage of this economic system is:that goods are usually privately owned, and privately owned goods last longer than goods owned by others.
4. An economic system in which business are allowed to produce any goods and services they wish is referred to as .....
5. In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
6. What type of economy is described below:"the government tends to own major industries like utilities, health care and major manufacturing industries; however, individuals own most small businesses."
7. How are goods and services exchanged in a traditional economy?
8. China, until the 1980's-90's was viewed as a planned economy, is now categorized as this economic system.
9. Which of the following economic systems gives PEOPLE all the power in the economy?
10. An economic system in which individuals and businesses make decisions about what to produce.
11. The government plans how to use resources to make goods and services.
12. In this type of economy, the individual decides who to sell their products to:
13. Which economic system has the least amount of government involvement in decision making?
14. In which type of society would we most likely find a traditional economic system?
15. Ms. Frank's convenient store is the only place that you can find AirPods. She has ..... because she is the only store that sells AirPods.
16. How does a market economy work?
17. ..... is an example of a planned/command economy.
18. The government owns all industries, with total control of production, supply & prices
19. Which is NOT one of the three basic economic questions?
20. In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this exchange process?
21. What to produce, How to produce, and for whom
22. What do a republic and a direct democracy have in common?
23. A product of the earth that people use to meet their needs is a
24. When deciding "what to produce" , what is said to be limited?
25. If the Government decided what to goods to produce, what type of economy is shown?
26. This economy is shaped by traditions, customs, and beliefs:
27. In a command economy, who holds power over the economy?
28. In economic terms, everyone is a
29. The fact that buyers determine whether any business succeeds or fails is called
30. Another term for Socialism is:
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