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Economic Systems Quiz 20 (20 MCQs)

Quiz Instructions

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1. Which of the following is an example of an export for the USA?
2. The goal of a communist economy is to
3. What are 3 economic questions?
4. In a market economy, ..... decides what needs to be made.
5. Which best describes a market system?
6. The three economic questions that every group of people face with goods and services are
7. A person who buys a good or uses a service is known as a
8. Which African kingdom made a profit off of the salt-gold trade?
9. An economic system that permits an open exchange (with no restrictions) of goods and services between producers and consumers.
10. Supply and demand determines how much an item costs
11. Which of the following would be most likely to exist in a socialist country?
12. An economic system in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and wealth is called:
13. Which of the following is not an example of a communist economic system?
14. A tax on an import
15. The structure of methods and principles that a society uses to produce and distribute goods and services.
16. A block on trade
17. For markets to work efficiently, ..... need to be well defined and enforced by law, otherwise trade would break down.
18. The relationship between an opposing person or business in a commercial setting that many times will result in a better product for consumers.
19. Limit on an import
20. What economic system is based on supply and demand?
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