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Economic Systems Quiz 17 (20 MCQs)

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1. Demand is how many people want the goods that are available. If ..... people want the goods available, there is .....
2. How will scarcity of a capital good impact price?
3. SSEF4 Jingo was born to be a warrior-hunter, Jingo trades the furs of animals he catches to other families and tribes for many goods. What economic system is this?
4. Joe owns a shoe store. At the end of the month Joe decides what to do with his profits.
5. Fascism is based on which of the following?
6. An economic system is a society's system of production, distribution and consumption of
7. This economic system offers a variety of goods and services because new ideas are encouraged.
8. When someone or a business chooses to specialize or produce certain items.
9. In which type of economic system does the government plays a limited role?
10. Economic decisions are decided entirely by the government in which economic system?
11. Extreme love for your country is the definition of
12. The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell
13. North Korea has what type of Economic System?
14. The goods produced are made for myself and my neighbors
15. In this type of economy, the government and the market decide what is produced. The product is produced for the consumers.
16. In this economy individuals have property rights, producers have competition and there are monetary incentives to perform at a higher level.
17. Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
18. What is a DISADVANTAGE of a market economy?
19. "Innovations are normally the creation of business people." Joseph Schumpter, Economic Theorist, (1911) With which economic theory would Joseph Schumpter likely have agreed?
20. Which economic system is both market and command combined and most democratic countries fall into this category?
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