Economic Systems Quiz 11 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. What is one basic question of economics?

Correct Answer: A) What goods and services are produced?.

2. Capitalism flourishes here in this economic system.

Correct Answer: B) Market.

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

Correct Answer: C) Mountain.

4. Which economic system most values freedom?

Correct Answer: C) Free Market.

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

Correct Answer: B) Everything gets passed down, from one generation to the next.

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

Correct Answer: C) Poor quality products.

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

Correct Answer: C) Socialism.

8. Most countries in the world have a ..... economy.

Correct Answer: C) Mixed.

9. China is now categorized as this economic system.

Correct Answer: D) Mixed Economy.

10. A market economy has ..... ownership of property and resources.

Correct Answer: A) Private.

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

Correct Answer: C) Command Economy.

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

Correct Answer: B) No.

13. Let it be .....

Correct Answer: C) Hands off.

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

Correct Answer: D) Scarcity.

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

Correct Answer: D) Command.

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

Correct Answer: C) North Korea.

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

Correct Answer: A) Mixed.

18. Communist countries have what type of economic system?

Correct Answer: C) Command.

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

Correct Answer: A) Market.

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

Correct Answer: C) Aren't many, low demand.