This quiz works best with JavaScript enabled. Home > Economics > Systems > Types > Economic Systems – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which type of economy has central ownership and lack of individual choice? A) Market Economy. B) Mixed Economy. C) Command Economy. D) Traditional Economy. Show Answer Correct Answer: C) Command Economy. 2. A ..... economy is completely determined and controlled by a central planning authority or the government A) Traditional. B) Planned/Command. C) Mixed. D) Free Market. Show Answer Correct Answer: B) Planned/Command. 3. Who owns everything in a communist style economic system? A) The poor. B) The police. C) The wealthy. D) The state/government. Show Answer Correct Answer: D) The state/government. 4. Why do different types of economic systems exist? A) To provide a way for society to produce and distribute goods and services. B) To enable countries to maximize efficiency of resources. C) To secure basic needs to the people. D) To provide competition among various economic systems. Show Answer Correct Answer: A) To provide a way for society to produce and distribute goods and services. 5. ..... is the economic system in which citizens instead of the government make most economic decisions. A) Voluntary exchange. B) Profit motive. C) Capitalism. D) Human capital. Show Answer Correct Answer: C) Capitalism. 6. A building is an example of which economic resource? A) I need more information. B) Capital. C) Natural. D) Human. Show Answer Correct Answer: B) Capital. 7. Economic system where the government controls everything, everyone is supposed to be equal. A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: A) Communism. 8. In this type of economy, property and businesses are owned by the government. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 9. Both supply and demand and the government influence how resources are used to make goods and services. A) Market Economy. B) Traditional Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. 10. This economic system is controlled by the government. A) Traditional. B) Command (Communism). C) Free Market. D) None of above. Show Answer Correct Answer: B) Command (Communism). 11. This system is associated with the ideas of Adam Smith and capitalism. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: B) Market Economy. 12. Businesses have freedom to produce whatever they think consumers will buy A) Market. B) Command. C) Mixed. D) Traditional. Show Answer Correct Answer: A) Market. 13. When the federal government decides to pay senators more than it pays soldiers, it answers the ..... question. A) For whom. B) Why. C) How. D) What. Show Answer Correct Answer: A) For whom. 14. Choose the correct examples of a tertiary activity. A) Truck driver, doctor, store clerk, restaurant. B) Manufacturing and construction. C) Mining, agriculture, fishing. D) Research and data processing. Show Answer Correct Answer: A) Truck driver, doctor, store clerk, restaurant. 15. Limited amount of something A) Bountiful. B) Plentiful. C) Abundance. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 16. How are economics used in the nation? A) Provide people with minimum resources. B) To make money. C) They are used to determine how to use their limited resources. D) None of above. Show Answer Correct Answer: C) They are used to determine how to use their limited resources. 17. Which type of economy does not always use money? A) Market. B) Traditional. C) Command. D) Mixed. Show Answer Correct Answer: B) Traditional. 18. In this economic system, a central authority makes plans regarding investment and production: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 19. In this economic system, previous generations and traditions determine what and how things are produced. A) Markey. B) Mixed. C) Command. D) Traditional. Show Answer Correct Answer: D) Traditional. 20. In which type of economic system do business owners control the factors of production? A) Free Enterprise. B) Communist. C) Socialist. D) None of above. Show Answer Correct Answer: A) Free Enterprise. 21. What is the law of supply and demand? A) One person supplies and the other demands. B) When consumers want higher prices but producers want lower prices. C) Every action has an equal opposite reaction. D) When consumers want lower prices but producers want higher prices. Show Answer Correct Answer: D) When consumers want lower prices but producers want higher prices. 22. Government controls or dictates what is produced in this economic system A) Traditional Economy. B) Free Enterprise. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: C) Command Economy. 23. If my government is selling me bread for $ 5 a loaf, and I have no choice but to buy that type of bread, I live in a ..... economy. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 24. Who or what answers the basic economic questions in a free market economy? A) Individuals and Businesses. B) Government. C) Custom. D) Individuals, Businesses, and Government. Show Answer Correct Answer: A) Individuals and Businesses. 25. Capitalism is most closely related to which type of economic system? A) Command. B) Traditional. C) Free Enterprise. D) Mixed. Show Answer Correct Answer: C) Free Enterprise. 26. Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government. A) Traditional. B) Free Market. C) Mixed. D) Command. Show Answer Correct Answer: D) Command. 27. Government in which one person or a small group of people rule the country by force A) Traditional economy. B) Deomocracy. C) Communism. D) Dictatorship. Show Answer Correct Answer: D) Dictatorship. 28. In a command economic system, who makes decisions on cost and ownership? A) The government. B) The community. C) Buyers and sellers. D) None of the above. Show Answer Correct Answer: A) The government. 29. In a market economy, who has the least influence over how economic resources are allocated? A) The government. B) Consumers. C) Businesses/Producers. D) None of the above. Show Answer Correct Answer: A) The government. 30. The phrase "profit is the incentive for business" means that profit ..... A) Provides a strong reason to reduce investment. B) Reduces the need for efficient use of resources. C) Provides a reward for the risk and effort involved. D) Provides the incentive to increase expenses. Show Answer Correct Answer: C) Provides a reward for the risk and effort involved. ← PreviousNext →Related QuizzesSystems QuizzesEconomics QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books