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Economic Systems Quiz 7 (25 MCQs)

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1. The government owns all industries, with total control of production, supply & prices
2. Which is NOT one of the three basic economic questions?
3. 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?
4. What to produce, How to produce, and for whom
5. What do a republic and a direct democracy have in common?
6. A product of the earth that people use to meet their needs is a
7. If the Government decided what to goods to produce, what type of economy is shown?
8. This economy is shaped by traditions, customs, and beliefs:
9. In a command economy, who holds power over the economy?
10. In economic terms, everyone is a
11. The fact that buyers determine whether any business succeeds or fails is called
12. Another term for Socialism is:
13. Why would one country place an embargo another?
14. People can shop around and buy milk from the store with the lowest price.
15. 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.
16. Government makes all economic decisions
17. Government decides who produces, how things are produced and who the product is for in this economy.
18. Which of the three economic systems has the most government involvement?
19. In this type of economic system, consumers and producers AND government planners make economic decisions.
20. 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
21. The government controls that goods and services are equally distributed to the people
22. An example of a government owned resource is
23. In this economic system, jobs are handed down generation to generation.
24. Because of a terrible milk shortage, the government takes control of the dairy industry and sets milk prices.
25. Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
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