Economic Systems Quiz 8 (25 MCQs)

Quiz Instructions:

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1. Most common type of economy in the world today

2. In my country, the government has some involvement in the economy.

3. Free enterprise and free trade zone match _____

4. Who ultimately makes the decisions in a market capitalist economy?

5. I had some money after paying all expenses. I was able to make a(n) _____

6. What is one basic question of economics?

7. Capitalism flourishes here in this economic system.

8. What is an example of a physical trade barrier?

9. Which economic system most values freedom?

10. What is the best way to describe a traditional economy?

11. Communist command economies are most likely to experience which of the following problems?

12. Government owns the basic means of production, but there is some private ownership of businesses under:

13. Most countries in the world have a _____ economy.

14. China is now categorized as this economic system.

15. A market economy has _____ ownership of property and resources.

16. North Korea has this system, characterized as having little or no market competition.

17. In a market economy, if your mom and dad are both teachers, do you have to be a teacher?

18. Economics seeks the answer to the basic question of how to deal with _____

19. Which of the following is an economic system in which a central, governmental authority decides how to use a country's scarce resource?

20. A country that currently has a communist command economic system is:

21. An economy that has both command and market principles in place to determine what is produced, distributed and consumed.

22. Communist countries have what type of economic system?

23. Disadvantages of this economic system are environmental damage & poor working conditions.

24. If there _____ people who want the goods available, there is a _____

25. How many economic systems are there?