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Economic Systems Quiz 22 (20 MCQs)

Quiz Instructions

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1. In which type of economic system do citizens and businesses make most economic decisions?
2. Which of the following is an example of a type of mixed economy?
3. The government or groups of workers might control these resources but the profits are divided among the people.
4. The closest thing to a planned/command economy today exists in:
5. Import
6. Characteristics of both market and command economic systems.
7. Economic system based on supply and demand, instead of government regulation
8. This economic system provides a high degree of consumer satisfaction because individuals make most of the decisions.
9. What kind of resource is a teacher?
10. Government owns the means of production.
11. Rapid organization of resources often means command economies forget other societal needs, and they often produce too much of one thing and not enough of another. Which disadvantage does this belong to?
12. Which of the following is NOT one of the three basic questions used to determine a country's economic system?
13. Supply & demand is a principle that fits which type of economic system?
14. In a command economy, economic decisions are made by the
15. Economic system where the government answers all three basic economic questions:
16. Most democratic countries have what type of economic system?
17. A system of producing, distributing, and consuming goods and services is known as a
18. Price set by the government
19. This economic system lacks incentive for individuals because a central authority controls the factors of production; there is no private property.
20. Which economic system is the most competitive?
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