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Economic Systems Quiz 32 (20 MCQs)

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1. Subsistence farming can be found in this system
2. People rely on hunting, fishing & agriculture to meet their needsFamilies pass on their way of life to their children
3. When the price of a good or servicefalls, consumers usually buy more of it.Which law does this statement reflect?
4. Which of the following is a good?
5. The type of socialism now carried on by Russia is a form of ..... socialism.
6. The goods will be made the same way they always have been
7. Economic system where Social roles and culture determine how goods are made, sold, and bought.
8. In my country, central planners in the government decide when we should expand old factories and build new ones.
9. When 2 people make a trade and feel they are better off because of that exchange.
10. Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?
11. Which economic system rarely engage in market transactions, and grow and raise animals and crops?
12. A rural family who has been farming for generations and generally uses only what it produces without much outside help best represents which type of economic system
13. What is a key difference between capitalism and communism?
14. Economics is
15. Mixed economy contains a mix of .....
16. Economic system that combines qualities of market and command systems into one
17. In which economic system is trade and barter most common?
18. Sally works in a private company that has to follow government rules for public safety.
19. Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?
20. Ms. Hargrove owns a shoe show in Concord, NC and purchases a new BMW with the profits made from the store. What kind of economic system allows Ms. Hargrove to do this?
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