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Economic Systems Quiz 8 (30 MCQs)

Quiz Instructions

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1. In a market economy, if your mom and dad are both teachers, do you have to be a teacher?
2. Economics seeks the answer to the basic question of how to deal with .....
3. Which of the following is an economic system in which a central, governmental authority decides how to use a country's scarce resource?
4. A country that currently has a communist command economic system is:
5. An economy that has both command and market principles in place to determine what is produced, distributed and consumed.
6. Communist countries have what type of economic system?
7. Disadvantages of this economic system are environmental damage & poor working conditions.
8. If there ..... people who want the goods available, there is a .....
9. How many economic systems are there?
10. If the buyer has a choice about what he or she wants to buy, we say they are a part of a .....
11. Which of the following may be an example of a need?
12. The knowledge, efforts, and skills people bring to their work, also known as labor.
13. Anyone who buys a good or service.
14. In this type of economy, my job is the same one that my family has done over the past 200 years.
15. Which type of economic system is the U.S., Brazil, and the U.K.?
16. Which of the following concepts/terms is NOT associated with Capitalism?
17. An economic system where resources are primarily controlled by the private sector
18. The farmer decides to sell the milk at his roadside stand.
19. Which provides the greatest incentive for entrepreneurs to take risks?
20. Ms. Hargrove is in charge of running a shoe store that is owned by the government. She does not receive any of the profit and she makes the same amount as everyone else.
21. Which quote best identifies with capitalism?
22. In my country, the government makes all the economic decisions.
23. Which of the following is NOT one of the basic questions that all economic systems must answer:
24. Which economic system is based on Customs and Beliefs?
25. Supply and demand of goods and services determines the price in which economic system?
26. Which type of economy allows for individuals and businesses to make a profit?
27. Money that the government collects from individuals and businesses to pay for public goods and services
28. Physical products that are produced to be sold
29. An economic system in which both the government and individuals play important roles in production and consumption is a ..... economy.
30. Individuals can do whatever they like to their property as long as it does not harm others. Provides the incentive to work and own items
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