This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Study of how individuals make choices with limited resources-people, cities, stores. A) Normative. B) Positive. C) Micro. D) Macro. Show Answer Correct Answer: C) Micro. 2. The main concern of a traditional economic system is ..... A) To be the most productive society globally. B) To make private property and competition laws. C) To support the wants and needs of the individual consumer. D) To support the basic needs of the society as a whole. Show Answer Correct Answer: D) To support the basic needs of the society as a whole. 3. In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy? A) Traditional. B) Market. C) Command. D) Centrally planned. Show Answer Correct Answer: A) Traditional. 4. In a traditional economic system, which type of goods is most often produced? A) Agricultural products. B) Heavy industrial machinery. C) Military supplies. D) Electronics and computers. Show Answer Correct Answer: A) Agricultural products. 5. In which type of economic system is consumer sovereignty most valued? A) Free Market. B) Mixed. C) Traditional. D) Command. Show Answer Correct Answer: A) Free Market. 6. Main activities are often fishing, hunting, or farming A) Command. B) Market. C) Traditonal. D) None of above. Show Answer Correct Answer: C) Traditonal. 7. Which of the following is not an advantage of a command economy? A) Can ensure stability. B) Serves people collectively by focusing on equality. C) Products produced fulfill needs. D) Lack of incentive for innovation. Show Answer Correct Answer: D) Lack of incentive for innovation. 8. In this economic system, the government ensures healthy competition in the market: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 9. Where government narrows the gap between rich and poor by providing more services A) Communism. B) Socialism. C) Capitalism. D) None of above. Show Answer Correct Answer: B) Socialism. 10. Government regulates but does not control economy A) Traditional economic system. B) Command economic system. C) Market economic system. D) Mixed economic system. Show Answer Correct Answer: D) Mixed economic system. 11. In which economic system is business allowed to fail and succeed based on their own merrit? A) Mixed. B) Command. C) Market. D) Traditional. Show Answer Correct Answer: C) Market. 12. By age, by weight or height, by ancestry, alphabetically by name, by need, etc. A) Random Draw. B) Fiat. C) First Come, First Served. D) Personal Characteristic. Show Answer Correct Answer: D) Personal Characteristic. 13. Which of the following is a basic characteristic of England's market economy? A) The government owns or controls the means of production. B) The economy is dependent on subsistence farming. C) Consumer demand determines what is to be produced. D) Government agencies set wages and prices. Show Answer Correct Answer: C) Consumer demand determines what is to be produced. 14. Competition, entrepreneurship, no government intervention and extreme economic inequality would most likely exist in which of the economic systems below A) Traditional. B) Free-market Capitalism. C) Centrally-planned Command. D) Equitorial. Show Answer Correct Answer: B) Free-market Capitalism. 15. Driving force that encourages people and organizations to improve their material well being A) Voluntary exchange. B) Profit motive. C) Economic system. D) Social Security. Show Answer Correct Answer: B) Profit motive. 16. SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system? A) Command. B) Market. C) Traditional. D) None of the above. Show Answer Correct Answer: B) Market. 17. If supply is low and demand is high A) Prices rise. B) Prices drop. C) Prices remain flat. D) Competition disappears. Show Answer Correct Answer: A) Prices rise. 18. Market based economic system with limited government involvement A) Free Market. B) Mixed. C) Traditional. D) Economic. Show Answer Correct Answer: A) Free Market. 19. Economic decision are made on the basis of customs A) Socialism. B) Communism. C) Traditional. D) Free enterprise. Show Answer Correct Answer: C) Traditional. 20. Answer the question with the correct economic system.Consumers control resources. SUPPLY AND DEMAND A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. ← 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