This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Products that are made to be sold are called ....., Examples of them are cars, iphones, and clothing A) Goods. B) Services. C) Money. D) Consumers. Show Answer Correct Answer: A) Goods. 2. What is foreign exchange? A) Exchanging with your neighbor. B) Exchanging with another country. C) Exchanging money with a store. D) Depositing money in your bank account. Show Answer Correct Answer: B) Exchanging with another country. 3. Which type of economic activity extracts or harvests raw materials? A) Primary. B) Secondary. C) Tertiary. D) Quaternary. Show Answer Correct Answer: A) Primary. 4. The three basic economic systems are A) Market, mixed, and monarchy. B) Market, mixed, and oilgarchy. C) Command, market, and mixed. D) Democracy, traditional, and mixed. Show Answer Correct Answer: C) Command, market, and mixed. 5. Federal program of disability and retirement benefits that covers most working people A) Social Security. B) AARP. C) Medicaid. D) Life Alert. Show Answer Correct Answer: A) Social Security. 6. What is a government that is run by the people, either directly or indirectly? A) Oligarchy. B) Monarchy. C) Autocracy. D) Democracy. Show Answer Correct Answer: D) Democracy. 7. Why do no countries have a pure market economy? A) It is too expensive. B) It is too difficult to run. C) It is too dangerous because people could by dangerous things. D) It does not allow free trade. Show Answer Correct Answer: C) It is too dangerous because people could by dangerous things. 8. Which of the following countries is an example of a free enterprise? A) North Korea. B) Cuba. C) USA. D) Sweden. Show Answer Correct Answer: C) USA. 9. Pulling names out of a hat to see who gets the prize A) Price. B) Lottery. C) Sharing Equally. D) Command. Show Answer Correct Answer: B) Lottery. 10. Australia has a A) Traditional economic system. B) Communist/command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: C) Mixed economic system. 11. What type of economic system do some villages in Africa and South America have? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 12. Which of the following economic systems aims for the highest level of income equality among its citizens? A) Pure Market capitalism. B) Mixed market capitalism. C) Planned socialism. D) Subsistence. Show Answer Correct Answer: C) Planned socialism. 13. What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce? A) Market. B) Mixed. C) Command. D) Traditional. Show Answer Correct Answer: A) Market. 14. An increase in competition would have what effect on price? A) Price goes up. B) Price stays the same. C) Price goes down. D) It explodes. Show Answer Correct Answer: C) Price goes down. 15. What assumption can we make about people living in command economies A) They are happy with their government. B) They have all their wants and needs met. C) They are experiencing shortages. D) They are all happy with their jobs. Show Answer Correct Answer: C) They are experiencing shortages. 16. This is where people believe in doing things the same as they have always been done. A) Market economy. B) Traditional economy. C) Mixed economy. D) Socialist economy. Show Answer Correct Answer: B) Traditional economy. 17. An advantage of socialism includes A) Lower taxes. B) Limited government. C) Equitable distribution of benefits. D) It is by far the coolest system. Show Answer Correct Answer: C) Equitable distribution of benefits. 18. A market system is best described as a system with: A) Free trade. B) Competition. C) Profit motive. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. Disadvantages of this economic system is that goods and services are produced the same as they were generations ago and they are more impacted by environmental changes. A) Command. B) Traditional. C) Mixed. D) Market. Show Answer Correct Answer: B) Traditional. 20. Which of the following is an economic system in which the government and people are used to decide how to use scarce resources? A) Market economy. B) Command economy. C) Traditional economy. D) Mixed economy. Show Answer Correct Answer: D) 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