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Economic Systems Quiz 10 (20 MCQs)

Quiz Instructions

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1. Another term for Socialism is:
2. Why would one country place an embargo another?
3. People can shop around and buy milk from the store with the lowest price.
4. 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.
5. Government makes all economic decisions
6. Government decides who produces, how things are produced and who the product is for in this economy.
7. Which of the three economic systems has the most government involvement?
8. In this type of economic system, consumers and producers AND government planners make economic decisions.
9. 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
10. The government controls that goods and services are equally distributed to the people
11. An example of a government owned resource is
12. In this economic system, jobs are handed down generation to generation.
13. Because of a terrible milk shortage, the government takes control of the dairy industry and sets milk prices.
14. Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
15. Most common type of economy in the world today
16. In my country, the government has some involvement in the economy.
17. Free enterprise and free trade zone match .....
18. Who ultimately makes the decisions in a market capitalist economy?
19. I had some money after paying all expenses. I was able to make a(n) .....
20. Who developed laissez-faire economics as a en economic philosophy?
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