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Economic Systems Quiz 7 (30 MCQs)

Quiz Instructions

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1. Why would one country place an embargo another?
2. People can shop around and buy milk from the store with the lowest price.
3. A weakness of this economy is its failure to provide for the weak, the sick, the old and the very young who cannot be productive.
4. Government makes all economic decisions
5. Government decides who produces, how things are produced and who the product is for in this economy.
6. Which of the three economic systems has the most government involvement?
7. In this type of economic system, consumers and producers AND government planners make economic decisions.
8. An economic system in which the state controls all property and capital, while claiming that all goods are equally shared by the people leading to equal social and economic status is called
9. The government controls that goods and services are equally distributed to the people
10. An example of a government owned resource is
11. In this economic system, jobs are handed down generation to generation.
12. Because of a terrible milk shortage, the government takes control of the dairy industry and sets milk prices.
13. Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
14. Most common type of economy in the world today
15. In my country, the government has some involvement in the economy.
16. Free enterprise and free trade zone match .....
17. Who ultimately makes the decisions in a market capitalist economy?
18. I had some money after paying all expenses. I was able to make a(n) .....
19. Who developed laissez-faire economics as a en economic philosophy?
20. What is one basic question of economics?
21. Capitalism flourishes here in this economic system.
22. What is an example of a physical trade barrier?
23. Which economic system most values freedom?
24. What is the best way to describe a traditional economy?
25. Communist command economies are most likely to experience which of the following problems?
26. Government owns the basic means of production, but there is some private ownership of businesses under:
27. Most countries in the world have a ..... economy.
28. China is now categorized as this economic system.
29. A market economy has ..... ownership of property and resources.
30. North Korea has this system, characterized as having little or no market competition.
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