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Economic Systems Quiz 35 (20 MCQs)

Quiz Instructions

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1. When it costs more to make a good than what you sell the good for.
2. What kind of resource is oil?
3. This economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.
4. A ..... economy is guided primarily by custom, habit, and ritual.
5. The economic system of communist countries is most closely related to
6. Which of the following represents a MIXED economy?
7. Bartering and trading are mainly used in this economy:
8. Trading without using money is known as .....
9. This economic system discourages new ideas or change.
10. What is an advantage of a command economy?
11. Communist countries like the former Soviet Union, former East Germany and Cuba had which system of economy?
12. One's own personal gain.
13. Who or what answers the basic economic questions in a mixed economy?
14. What is an economic system where only the government makes the economic decisions?
15. Lack of economic growth is a major problem for ..... economic systems.
16. Quota is
17. "Our society is based on the principles of individual ..... "
18. Which describes how MOST countries around the world answer basic economic questions?
19. In its pure form, this type of economy has no government control.
20. An economic system in which people and privately owned companies own both basic and non-basic businesses and industries
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