This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Physical products that are produced to be sold A) Goods. B) Services. C) Consumers. D) Economy. Show Answer Correct Answer: A) Goods. 2. An economic system in which both the government and individuals play important roles in production and consumption is a ..... economy. A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 3. 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 A) Private Property Rights. B) Consumer Sovereignty. C) Profit Motive. D) Voluntary exchange. Show Answer Correct Answer: A) Private Property Rights. 4. 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. 5. 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. 6. Who owns everything in a communist style economic system? A) The wealthy. B) The police. C) The state/government. D) The poor. Show Answer Correct Answer: C) The state/government. 7. 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. 8. ..... is the economic system in which citizens instead of the government make most economic decisions. A) Capitalism. B) Human capital. C) Profit motive. D) Voluntary exchange. Show Answer Correct Answer: A) Capitalism. 9. A building is an example of which economic resource? A) Natural. B) Human. C) Capital. D) I need more information. Show Answer Correct Answer: C) Capital. 10. 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. 11. 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. 12. 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. 13. 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). 14. 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. 15. 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. 16. When the federal government decides to pay senators more than it pays soldiers, it answers the ..... question. A) Why. B) How. C) For whom. D) What. Show Answer Correct Answer: C) For whom. 17. 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. 18. Limited amount of something A) Bountiful. B) Plentiful. C) Abundance. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 19. 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. 20. Which type of economy does not always use money? A) Market. B) Traditional. C) Command. D) Mixed. Show Answer Correct Answer: B) Traditional. ← PreviousNext →Related QuizzesSystems QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8Economic Systems Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books