Global MCQ Practice

🌐 Total MCQ
Home > Economics > Systems > Types > Economic Systems – Quiz 6
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Economic Systems Quiz 6 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. This exists when wants exceed resources available to satisfy those wants.
2. Which of the following is one of the four factors of production?
3. People sell their crops in village markets for items they need is an example of _____
4. The United States is this type of system
5. The way in which an economic system answers the basic economic questions depends upon the country's:
6. The power of consumers to decide what gets produced.
7. This economic system is based on individual freedom.
8. Socialism is a system that relies on the use of _____
9. Disadvantages of this economic system are frequent shortages, lack of consumer choice, lack of competition and lack of efficiency.
10. Resources that are made by people to make other things.
11. This includes the customers & locations a business wants to serve.
12. What type of economic system is based cultural or religious beliefs and is often referred to as a subsistence economy?
13. Tax placed on an imported good
14. In a traditional economy, information about the way goods are produced is passed from one generation to the next by the-
15. An advantage of this economic system is:that goods are usually privately owned, and privately owned goods last longer than goods owned by others.
16. An economic system in which business are allowed to produce any goods and services they wish is referred to as _____
17. 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."
18. China, until the 1980's-90's was viewed as a planned economy, is now categorized as this economic system.
19. Which of the following economic systems gives PEOPLE all the power in the economy?
20. The government plans how to use resources to make goods and services.
21. In this type of economy, the individual decides who to sell their products to:
22. Which economic system has the least amount of government involvement in decision making?
23. 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.
24. How does a market economy work?
25. _____ is an example of a planned/command economy.
← PreviousNext →

Related Quizzes

🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books