This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which type of economic systems does Cuba and North Korea have? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 2. Which of the following is NOT a function of the government in a command economy? A) Regulating demand. B) Regulating supply. C) Regulation distribution. D) Regulating international trade. Show Answer Correct Answer: A) Regulating demand. 3. Help to protect people from unexpected events A) Stability. B) Growth. C) Equity. D) Security. Show Answer Correct Answer: D) Security. 4. All modern societies have a ..... economy. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 5. In its pure form, consumers have no role in economic decision-making. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 6. The money that remains after all the costs of production have been paid. A) Loss. B) Supply. C) Profit. D) Tax. Show Answer Correct Answer: C) Profit. 7. Economics decisions are based on customs and centered around family in which economic system? A) Traditional Economy. B) Command Economy. C) Market Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 8. Once an economic system is established, what can or cannot be done? A) The basic economic questions can be answered. B) Resources can no longer be produced. C) Government can take over the society's economy. D) Laissez faire economics can begin. Show Answer Correct Answer: A) The basic economic questions can be answered. 9. Four types of economic systems: A) Traditional, command, market, mixed. B) Traditional, command, combined, market. C) Communism, capitalism, free market, macroeconomics. D) Microeconomics, macroeconomics, individual, traditional. Show Answer Correct Answer: A) Traditional, command, market, mixed. 10. A place where buyers and sellers come together to exchange goods and services for money A) Market. B) Amazon.com. C) Starbucks. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. When an economy focuses on having jobs for all individuals willing and able to work this is known as: A) Sustainability. B) Full Employment. C) Efficiency. D) Security. Show Answer Correct Answer: B) Full Employment. 12. The farmer decides to sell one cow and use the money to buy a bull for the purpose of breeding more cows. A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. 13. Which of the following is an ADVANTAGE of a traditional economy? A) Discourages new ideas and new ways of thinking. B) Lower standard of living. C) Lack of progress. D) Stable, predictable. Show Answer Correct Answer: D) Stable, predictable. 14. A country's economic system attempts to deal with the problem of not having enough resources to meet people's needs and wants. A) Scarcity. B) Labor. C) Greed. D) Capital. Show Answer Correct Answer: A) Scarcity. 15. "WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH SYSTEM?" ..... Name that system! A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: C) Market. 16. Which of these economic systems have the least in common? A) Market economy and capitalism. B) Command economy and socialism. C) Command economy and capitalism. D) Free-enterprise economy and market economy. Show Answer Correct Answer: C) Command economy and capitalism. 17. Which of the following countries has a command economy? A) USA. B) France. C) N Korea. D) Germany. Show Answer Correct Answer: C) N Korea. 18. What is a disadvantage of a mixed economy? A) Private ownership of resources. B) Government regulations. C) Inequities in the distribution of wealth. D) Strong social networks. Show Answer Correct Answer: C) Inequities in the distribution of wealth. 19. The total value of goods and services in a country A) GDP. B) Subsidy. C) Import. D) Embargo. Show Answer Correct Answer: A) GDP. 20. In Indonesia, the government owns large industries and sets some prices. Private individuals also do business. Which economic system is described above? A) Traditional. B) Free Enterprise. C) Socialist. D) Communist. 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