This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following can be classified as a mixed economy? A) USA. B) Cuba. C) North Korea. D) Soviet Union. Show Answer Correct Answer: A) USA. 2. The closest thing to a command economy today exists in: A) Soviet Union. B) Czechoslovakia. C) North Korea. D) South Korea. Show Answer Correct Answer: C) North Korea. 3. In which economic system is the protection of private property rights essential? A) Command. B) Traditional. C) Market. D) Socialism. Show Answer Correct Answer: C) Market. 4. Economies where people produce what they need to survive. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 5. What influence does the government have in a market economy? A) They have limited control of the aspects of the economy. B) They have no control of any aspects of the economy. C) They are forced to keep out of economic affairs. D) Both B and C. Show Answer Correct Answer: A) They have limited control of the aspects of the economy. 6. The government determines the number of gallons of milk it wants each year and gives production goals to farmers A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: A) Communism. 7. Most democratic countries today have which economic system? A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: D) Mixed. 8. , In my country, the government tells me where to work. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 9. In a command economy decisions about what, how, and for whom to produce are determined by A) The government. B) Supply and demand. C) Cultural traditions. D) None of above. Show Answer Correct Answer: A) The government. 10. Which economic system is controlled by supply and demand and the buyers and sellers (the people)? A) Market. B) Socilaism. C) Mixed. D) Command. Show Answer Correct Answer: A) Market. 11. Promotes wise decision making when using resources A) Stability. B) Freedomfreedom. C) Efficiency. D) Security. Show Answer Correct Answer: C) Efficiency. 12. Which of the following is an economic system in which the government and individuals decide how to use resources? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: D) Mixed economy. 13. What are some negative effects of the traditional economy? A) They are always choosing new ideas and technologies. B) They are inefficient in providing goods and services to the society. C) They assign jobs based on test scores. D) All of the above. Show Answer Correct Answer: B) They are inefficient in providing goods and services to the society. 14. An economic system that has some government restrictions on the actions of individuals and businesses is called ..... A) A mixed market capitalist economy. B) Factors of production. C) A centrally planned economy. D) Free enterprise. Show Answer Correct Answer: A) A mixed market capitalist economy. 15. The production, distribution, and consumption of goods and services. A) Government. B) Economics. C) Geography. D) History. Show Answer Correct Answer: B) Economics. 16. What are capital resources? A) Things from nature used to produce goods. B) People used to produce goods. C) Machines, tools, and buildings used to produce goods. D) None of above. Show Answer Correct Answer: C) Machines, tools, and buildings used to produce goods. 17. According to the normal relationship, if Iran decided to invest several billion dollars in education and training how would their GDP likely be affected? A) It would descrease. B) It would not change. C) It would increase. D) It would depend on other factors. Show Answer Correct Answer: C) It would increase. 18. An economic system in which, in its pure form, all property such as farms, factories, homes are owned by the government for the benefit of all citizens. The central government essentially controls all aspects of citizens' lives. A) Capitalism. B) Communism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Communism. 19. Which of the following items is found in all economic systems? A) Technology. B) Participants. C) Subsistence. D) Dollars. Show Answer Correct Answer: B) Participants. 20. Which of the following is an economic system in which the government also provides many health and welfare benefits, such as healthcare, housing, and unemployment? A) Free Enterprise. B) Communist. C) Socialist. D) None of above. Show Answer Correct Answer: C) Socialist. ← 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