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Economic Systems Quiz 30 (20 MCQs)

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1. During the 1800s, the writings of Marx, Engels, and Dickens focused attention on the problems faced by
2. Which is the central characteristic of a free market economy?
3. Citizens receive a free college education, but also have freedom to make their own career and business decisions
4. An disadvantage of this economic system is:that it tends to discourage new ideas and new ways of doing things.
5. This economic system has government rules to protect consumers but also allows freedom for consumers to make economic choices.
6. The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken.
7. In which situation would you increase your price if you were a business owner?
8. ..... plays a small role in a market economy.
9. The method used by a society to produce and distribute goods and services.
10. Goods that are used to produce other goods are called .....
11. Which of the following is an economic and political system where the government plans and controls a country's economy (including production and distribution of goods)?
12. People use the resources they have to make only what they need to survive.
13. ..... are a positive incentive for entrepreneurs to start a business despite the risks.
14. A system that uses bartering or trading.
15. Based on traditions
16. In a communist command economy, who decides how the economic questions will be answered?
17. Which group controls goods and services in a communist economic system?
18. When supply and demand decides what the market produces it is what type of economy?
19. Who were the fathers of Communism and Capitalism, respectively?
20. The United States economy is based on this system:
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