This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many types of economies are there? A) 1. B) 4. C) 3. D) 5. Show Answer Correct Answer: B) 4. 2. The people who do the labor. Anyone who works. A) Human Resource. B) Renewable Resource. C) Supply. D) Demand. Show Answer Correct Answer: A) Human Resource. 3. Totalitarian governments are highly A) Developed. B) Centralized. C) Undeveloped. D) Decentralized. Show Answer Correct Answer: B) Centralized. 4. In my country, central planners decide when we should expand old factories and build new ones. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 5. Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 6. As a result, it has no system to care for those who are at an inherent competitive disadvantage. That includes the elderly, children, and people with mental or physical disabilities. Which disadvantage does this belong to? A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: B) Market. 7. Amazon Rainforest communities and Australian Aborigines A) Traditional economic system. B) Communist/command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: A) Traditional economic system. 8. What is a characteristic of a market economy? A) Markets. B) Private property. C) Competition. D) All of the above. Show Answer Correct Answer: D) All of the above. 9. Today, most economies are: A) Free Market. B) Traditional. C) Mixed. D) Command (Communism). Show Answer Correct Answer: C) Mixed. 10. The founder of communism A) Adam Smith. B) John Locke. C) Karl Marx. D) Rousseau. Show Answer Correct Answer: C) Karl Marx. 11. When the price of a good or service fallsand consumers buy more of it, what is itthat has changed? A) Consumer taste. B) Demand. C) Market size. D) Quantity demanded. Show Answer Correct Answer: D) Quantity demanded. 12. A market/free enterprise economy has ..... ownership of property and resources. A) Private. B) Government. C) Tribal. D) None of above. Show Answer Correct Answer: A) Private. 13. The economies of Israel, Saudi Arabia, Turkey and Iran could best be described as A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 14. The financial gain made in a transaction. A) Profit. B) Competition. C) Firm. D) Market. Show Answer Correct Answer: A) Profit. 15. What is the purpose of a tariff? A) Increase the prices of imported goods to protect domestic industry. B) Increase the prices of exported goods to protect domestic industry. C) Limit trade. D) Block trade. Show Answer Correct Answer: A) Increase the prices of imported goods to protect domestic industry. 16. Individuals own businesses and freely choose what to buy and sell in free markets with little government interference A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: B) Market. 17. Which of the following is an economic system in which economic decisions are made according to social roles & culture? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: C) Traditional economy. 18. I am a farmer in Africa, and have always traded for my goods. I have a ..... economy. A) Traditional. B) Market. C) Command. D) Socialist. Show Answer Correct Answer: A) Traditional. 19. A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy? A) Free labor. B) Competition between businesses. C) Government control of industry. D) Government control of agriculture. Show Answer Correct Answer: B) Competition between businesses. 20. Mr. Beltz starts his own bakery. He employs three people, who get bonuses for their hardwork, but they still have to follow rules that Mr. Beltz has in his bakery. What kind of economic system is this? A) Traditional Economy. B) Mixed Economy. C) Market Economy. D) Command Economy. Show Answer Correct Answer: B) Mixed 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