This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In which type of government do consumers, firm, and government answer the key economic questions? A) Command. B) Traditional. C) Mixed. D) Free Market. Show Answer Correct Answer: C) Mixed. 2. True or False:The basic questions of economics differ based on each economic system. A) True. B) False. C) Not enough info. D) None of above. Show Answer Correct Answer: B) False. 3. If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this? A) Mixed. B) Traditional. C) Market. D) Command. Show Answer Correct Answer: A) Mixed. 4. In command economy, how are economic decisions made? A) Consumers and habit. B) Government planners. C) Consumers and the market. D) Combination of consumers and planners. Show Answer Correct Answer: B) Government planners. 5. As a consumer, I can buy as much as I want, as long as I have the money to pay for it A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: B) Market. 6. The flow of money into an economy is called A) Injections. B) Imports. C) Taxes. D) Savings. Show Answer Correct Answer: A) Injections. 7. Which rights are necessary for entrepreneurs to obtain credit and capital? A) Credit from financial institutions and economic rights. B) Services from financial institutions and economic rights. C) Credit from financial institutions and property rights. D) None of above. Show Answer Correct Answer: C) Credit from financial institutions and property rights. 8. What is an economic system characterized by central authority that makes most of the major economic decisions? A) Traditional economy. B) Free enterprise. C) Mixed economy. D) Command economy. Show Answer Correct Answer: D) Command economy. 9. People or businesses that create goods or services are known as A) Producers. B) Consumers. C) Entrepreneur. D) Economists. Show Answer Correct Answer: A) Producers. 10. In a mixed economy, the role of the government is to A) Define goals and objectives. B) Central planning agency. C) Set prices. D) Preserve competition. Show Answer Correct Answer: D) Preserve competition. 11. The struggle among producers for the dollars of consumers. A) Competition. B) Market. C) Firm. D) Profit. Show Answer Correct Answer: A) Competition. 12. Send goods into a another country A) Continuum. B) Products. C) Export. D) Import. Show Answer Correct Answer: C) Export. 13. Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. A) Free Market. B) Traditional. C) Mixed. D) Command. Show Answer Correct Answer: B) Traditional. 14. What is the best definition of a mixed economy? A) The least popular type of economic system. B) An economy that has all three of the other economic systems present. C) An economic system that has elements of traditional, command, and/or market economies. D) None of the above. Show Answer Correct Answer: B) An economy that has all three of the other economic systems present. 15. Which situations cause equilibriumprice to rise? I The number of buyersdecreases. II The number of buyersincreases. III The number of sellersdecreases. IV The number of sellersincreases. A) I and III. B) I and IV. C) II and III. D) II and IV. Show Answer Correct Answer: C) II and III. 16. What is GDP? A) The value of goods and services a country produces. B) Good Domestic Product. C) Trade Barriers countries place on each other. D) People who take risks on new businesses. Show Answer Correct Answer: A) The value of goods and services a country produces. 17. Which of the following continents has (for the most part) embraced socialism? A) North America. B) South America. C) Asia. D) Europe. Show Answer Correct Answer: D) Europe. 18. The items that consumers buy are called ..... A) Private property. B) Factors of production. C) Producer goods. D) Consumer goods. Show Answer Correct Answer: D) Consumer goods. 19. All democratic countries of the world are A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 20. What is a laissez faire capitalist approach to govt A) Hands off (left alone, let it be). B) Extreme Control. C) Trusting the government. D) A mix of control and hands off. Show Answer Correct Answer: A) Hands off (left alone, let it be). ← 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