This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 26 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 26 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Mr. Dyvig's business is ran incredibly strict. He sets the rules and his employees are expected to follow them. What form of economic system is this? A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: C) Command. 2. Which of the following leads to better, less expensive products in a capitalist economy? A) Quotas. B) Competition. C) Market fluctuations. D) Inequality. Show Answer Correct Answer: B) Competition. 3. Which is an example of human capital? A) Education. B) Roads. C) Factories. D) Machinery. Show Answer Correct Answer: A) Education. 4. What economic systems consists of both command and market? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 5. What do the economic systems of the United Kingdom, Germany, & Russia have in common? A) All are examples of pure market economies. B) All are examples of mixed economies. C) All are examples of traditional economies. D) All are examples of command economies. Show Answer Correct Answer: B) All are examples of mixed economies. 6. Since traditional economies are small, they aren't as destructive to the environment as developed economies. Which economic system is this? A) Market. B) Command. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 7. Which of the following is not an economic system? A) Traditional. B) Market. C) Command. D) Democratic. Show Answer Correct Answer: D) Democratic. 8. The United States is now categorized as this economic system. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. 9. Which of these terms/ideas best represents Karl Marx's theory of communism? A) Authoritarian. B) Common Property. C) Competition. D) Supply and Demand. Show Answer Correct Answer: B) Common Property. 10. Extent to which individuals or organizations are better off at the end of an economic exchange than before the exchange. A) Profit. B) Private property rights. C) Social Security. D) Capitalism. Show Answer Correct Answer: A) Profit. 11. Which is NOT one of the types of resources? A) Capital. B) Human. C) Sustainable. D) Natural. Show Answer Correct Answer: C) Sustainable. 12. In the products market, A) Firms buy goods and services from households. B) Firms sell goods and services to households. C) Firms sell resources to households. D) Firms buy resources from households. Show Answer Correct Answer: B) Firms sell goods and services to households. 13. Embargo is A) An official limit on the number or amount of things that are allowed. B) A tax on goods coming into or leaving a country. C) A government order that ends trade in some way. D) None of above. Show Answer Correct Answer: C) A government order that ends trade in some way. 14. An economy in which changes in prices completely guide what goods and services will be produced, distributed and consumed. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 15. Choosing an item that cost $ 2.00 cheaper than the original price A) Price. B) Command. C) Sharing Equally. D) Lottery. Show Answer Correct Answer: A) Price. 16. Which type of economic activity processes and distributes information? A) Primary. B) Secondary. C) Tertiary. D) Quaternary. Show Answer Correct Answer: D) Quaternary. 17. Economic system in which the central government makes all decisions on the production and consumption of goods and services. A) Command Economy. B) Centrally Planned Economy. C) Mixed Economy. D) Market Economy. Show Answer Correct Answer: B) Centrally Planned Economy. 18. Which of the following is NOT considered an economic and social goal? A) Economic efficiency. B) Price stability. C) Economic growth. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 19. What type of economic system allows government and private businesses to make economic decisions? A) Market. B) Mixed. C) Traditional. D) Command. Show Answer Correct Answer: B) Mixed. 20. A market economy is very different from a command economy. Which of the following is found in a market economy? A) Guaranteed yearly pay raises. B) Government control of agriculture. C) Competition. D) Government control of industry. Show Answer Correct Answer: C) Competition. ← 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