This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The food supply is rationed, or divided, so everyone gets the same amount. The government is in charge of this: A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: A) Command. 2. Which is NOT an economic goal of the free market? A) Economic efficiency. B) Economic freedom. C) Economic growth and innovation. D) Economic equity. Show Answer Correct Answer: D) Economic equity. 3. A benefit of technology is that it A) Increases productivity. B) Makes certain jobs obsolete. C) Decreases a nation's GDP. D) Slows or stops production. Show Answer Correct Answer: A) Increases productivity. 4. Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business A) Cost of Goods. B) Expenses. C) Income. D) Profit. Show Answer Correct Answer: B) Expenses. 5. Government in which the government owns all property A) Communism. B) Traditional economy. C) Command economy. D) Socialism. Show Answer Correct Answer: A) Communism. 6. When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ..... question. A) What. B) How. C) For whom. D) Where. Show Answer Correct Answer: B) How. 7. In which of the following economic systems does the government own the country's farms, factories, and businesses? A) Free Enterprise. B) Communist. C) Socialist. D) None of above. Show Answer Correct Answer: B) Communist. 8. People freely and willingly engaging in market transactions A) Consumer sovereignty. B) Voluntary exchange. C) Modified free enterprise. D) Coercion. Show Answer Correct Answer: B) Voluntary exchange. 9. Which economic system is most likely to be used in a country that doesn't trade much with other countries? A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: A) Traditional. 10. Competition, entrepreneurship, and extreme wealth would most likely exist in which of the economic systems below A) Traditional. B) Free-market Capitalism. C) Centrally-planned Command. D) Equitorial. Show Answer Correct Answer: B) Free-market Capitalism. 11. In this system the government is always a one-party dictatorship where people have few rights. A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: A) Communism. 12. When the product is produced for the current generation it is what type of economy? A) Mixed. B) Market. C) Traditional. D) Command. Show Answer Correct Answer: C) Traditional. 13. Who owns the factors of production in the competitive economic system of capitalism? A) Private citizens. B) The government. C) Central planning agency. D) Coach Landis. Show Answer Correct Answer: A) Private citizens. 14. Inputs needed to produce a good or service. A) Goods. B) Services. C) Factors of production. D) Wants. Show Answer Correct Answer: C) Factors of production. 15. What is the invisible hand? A) The self-regulating nature of the market place. B) Self-interest motivating the market place. C) Competition being the regulating force in the market place. D) The equal distribution of wealth. Show Answer Correct Answer: A) The self-regulating nature of the market place. 16. Different nations interacting through people, government, business, trade & technology is A) Communism. B) Globalization. C) Socialism. D) Supply and Demand. Show Answer Correct Answer: B) Globalization. 17. What is NOT true about communism? A) People were poor. B) People were rich. C) No one could own property. D) People had very little freedoms. Show Answer Correct Answer: B) People were rich. 18. Laissez-faire capitalism as attributed to Adam Smith called for A) Heavy taxation of manufacturers. B) Strict government control of the economy. C) Minimal government involvement in the economy. D) Government investments in major industries. Show Answer Correct Answer: C) Minimal government involvement in the economy. 19. People or businesses that buy or use goods or services are known as A) Producers. B) Consumers. C) Entrepreneur. D) Economists. Show Answer Correct Answer: B) Consumers. 20. Which of the basic economic systems allow government to control most aspects of the economy? A) Mixed. B) Command. C) Market. D) Traditional. Show Answer Correct Answer: B) Command. ← 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