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Economic Systems Quiz 28 (20 MCQs)

Quiz Instructions

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1. The type of economic system a country has is based on:
2. Which of the following is NOT one of the 4 economic goals & societal values:
3. The type of economic system the United States has.
4. What major trade route connected Europe and Asia?
5. In a socialist economic system, the government-
6. In reality, this economy does not exist in a pure form:
7. When there is very little left of a product or service it is called .....
8. Government owns part of the means of production
9. An disadvantage of this economic system is:that leaders of this type of economy usually provide for themselves at the expense of the general population.
10. Which economic system does the government make all economic decisions and owns most of the property-it is sometimes called communism?
11. This economic system is usually rural and farm-based:
12. ..... is the most basic or fundamental economic problem.
13. Which is not a function of all economic systems?
14. This economic system is defined by bartering and trading:
15. This system is associated with some government-run and some privately-owned businesses.
16. Oil, natural gas, and coal are:
17. China and Cuba are examples of this economic system
18. What action do consumers take that determines what will be produced in a market economy?
19. Adam Smith's call for the restricting of government in the economy is called .....
20. A strength of this type of economy is its ability to rapidly change in a short period of time.
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