This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 29 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Most nations have this type of economy. In it, the marketplace takes care of people's wants and the government takes care of their needs.The U.S. has this type. A) Command Economy. B) Market Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: C) Mixed Economy. 2. An example of a country that has a socialist command economy is: A) Japan. B) Sweden. C) China. D) North Korea. Show Answer Correct Answer: B) Sweden. 3. Goods and services are produced using ..... A) Needs. B) Wants. C) Economic Problem. D) Economic Resources. Show Answer Correct Answer: D) Economic Resources. 4. What to produce?2. How to produce it?3. How much to produce? 4. Who gets what is produced? A) Economic Reasoning. B) Economic Questions. C) Economic Timing. D) Economic Quartiles. Show Answer Correct Answer: B) Economic Questions. 5. The amount of money earned by a seller after costs are removed is called A) Earnings. B) Profit. C) Goods. D) Tickets. Show Answer Correct Answer: B) Profit. 6. Economic equity is the ..... with which an economy distributes its resources and wealth. A) Traditions. B) Fairness. C) Unfairness. D) All of these. Show Answer Correct Answer: B) Fairness. 7. Families pass on skills, land, and animals from generation to generation A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: D) Traditional. 8. Economic decisions based on customs or beliefs are found in a what economic system used by the Inuit? A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: D) Traditional. 9. In which economic system does the government have all the power? A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: C) Command Economy. 10. In this economic system, you would not find entrepreneurs: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 11. What is the major goal of socialism? A) Seek a fairer distribution of income among all members of society. B) Create a classless society with cooperation from everyone. C) Create competition based on supply & demand. D) Adhere to traditional customs of producing goods. Show Answer Correct Answer: A) Seek a fairer distribution of income among all members of society. 12. Which one is an advantage of command economy. A) No freedom to choose. B) Low quality goods /no competition. C) Low unemployment. D) None of above. Show Answer Correct Answer: C) Low unemployment. 13. The price of the farmer's milk is determined by the amount of milk produced and the total amount people want to buy. A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. 14. What is the most common economic system today? A) Command. B) Mixed. C) Traditional. D) None of above. Show Answer Correct Answer: B) Mixed. 15. In my country there is a private sector and a public sector. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 16. An economic system based on equity and in which the government decides what gets made and sets prices is called a A) Market economy. B) Traditional economy. C) Political economy. D) Command economy. Show Answer Correct Answer: D) Command economy. 17. A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government. A) Socialism. B) Free Enterprise. C) Communism. D) Traditional Economy. Show Answer Correct Answer: C) Communism. 18. People that buy a product A) Consumers. B) Producers. C) Goods. D) Services. Show Answer Correct Answer: A) Consumers. 19. Goods and services are produced the way it has always been done is what type of economic system? A) Mixed. B) Traditional. C) Command. D) Market. Show Answer Correct Answer: B) Traditional. 20. This system is associated with the least government involvement. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: B) Market Economy. ← 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