This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following best describe a tariff? A) A tax placed on goods imported from a country. B) A ban placed on all trade with a particular country. C) A tax on exported goods paid to the exporting government. D) A limit on the amount of goods that can be imported from a country. Show Answer Correct Answer: A) A tax placed on goods imported from a country. 2. Economic system where individuals (producers and consumers) answer the three basic economic questions: A) Market. B) Command. C) Traditional. D) Modern or Mixed. Show Answer Correct Answer: A) Market. 3. North Korea has what type of economic system? Hint:their government controls every aspect of the economy A) Traditional. B) Socialist. C) Market. D) Command. Show Answer Correct Answer: D) Command. 4. This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods. A) Competition. B) Freedom of Enterprise and Choice. C) Private Property. D) Motive of Self-Interest. Show Answer Correct Answer: A) Competition. 5. An advantage of this economic system is:the variety of goods and services that are produced. A) Traditional. B) Command. C) Capitalism/Market. D) Socialist. Show Answer Correct Answer: C) Capitalism/Market. 6. Whenever you are faced with a choice, the value of the next best alternative (whatever you've chosen to give up or sacrifice) is called: A) Scarcity. B) Supply and Demand. C) Opportunity Cost. D) Profit. Show Answer Correct Answer: C) Opportunity Cost. 7. This economic system is described as "The Government's Way" A) Traditional. B) Command. C) Mixed. D) Market. Show Answer Correct Answer: B) Command. 8. In a socialist economic system, who tends to answer the question of how products will be produced? A) Government and business. B) Government and individuals. C) Business and individuals. D) Tradition and government. Show Answer Correct Answer: A) Government and business. 9. Which factor determines who a society will produce goods and services for? A) The available resources in the society. B) The population of the society. C) The economic system in the society. D) None of above. Show Answer Correct Answer: C) The economic system in the society. 10. Economic system in which a central authority is in command of the economy. A) Command Economy. B) Mixed Economy. C) Centrally Planned Economy. D) Traditional Economy. Show Answer Correct Answer: A) Command Economy. 11. A Mixed Economy uses ideas from ..... A) Both Traditional and Market Economies. B) Both Market and Command Economies. C) Both Traditional and Command Economies. D) Traditional, Market, and Command Economies. Show Answer Correct Answer: B) Both Market and Command Economies. 12. What is one way government can foster human capital? A) Improve the nation's infrastructure. B) Maintaining better police protection. C) Provide funding for education. D) Deregulating industries (such as the petroleum industry). Show Answer Correct Answer: C) Provide funding for education. 13. The methods that society uses to produce and distribute resources A) Command Economy. B) Farming Economy. C) Shifted Economy. D) Economic Systems. Show Answer Correct Answer: D) Economic Systems. 14. Which of the following is true of traditional economies? A) Economic decisions are determined by the government. B) People have access to private property. C) The production of goods is based on custom. D) They resemble a communist economic system. Show Answer Correct Answer: C) The production of goods is based on custom. 15. Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets. A) Centrally Planned Economy. B) Mixed Economy. C) Traditional Economy. D) Market Economy. Show Answer Correct Answer: D) Market Economy. 16. What did karl marx believe in? A) Command Economy. B) Self-interest. C) Let it be. D) Market Economy. Show Answer Correct Answer: A) Command Economy. 17. Work done for a fee. A) Goods. B) Service. C) Tax. D) Profit. Show Answer Correct Answer: B) Service. 18. Which of the following is characteristic of traditional economy? A) Public service are available at little or no cost. B) It discourages new ideas and new ways of doing things. C) It has a great deal of economic freedom. D) It provides workers with few incentives to work hard. Show Answer Correct Answer: B) It discourages new ideas and new ways of doing things. 19. A tax on goods a country imports A) Quota. B) Tariff. C) Subsides. D) Embargoes. Show Answer Correct Answer: B) Tariff. 20. In which type of economy does the government control everything? A) Traditional. B) Command. C) Market. D) Mixed. 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