This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 36 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Every economic system answers three questions. What is produced? How is it produced? A) For whom is it produced?. B) Why is it being produced?. C) Should it be proeuced at all?. D) How easily can it be produced?. Show Answer Correct Answer: A) For whom is it produced?. 2. Public goods are funded by A) Charitable donations collected by the government. B) Profits made by private businesses. C) Profits made by public companies. D) Taxes collected by the government. Show Answer Correct Answer: D) Taxes collected by the government. 3. Goods produced and used to make other goods and services. A) Natural resources. B) Human resources. C) Entrepreneurial resources. D) Capital resources. Show Answer Correct Answer: D) Capital resources. 4. In this type of economy, the government controls the economy. It assigns jobs, sets production goals, and decides wages. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 5. In this economic system individuals and businesses own all of the resources, but government intervention attempts to protect both consumer and business interests. A) Mixed. B) Strong Command. C) Moderate Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 6. In this economic system, prices of goods and services are determined in a free price system: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 7. Karl Marx is credited with the starting of A) Communism. B) Socialism. C) Free enterprise. D) Mixed. Show Answer Correct Answer: A) Communism. 8. How many countries are in the world today? A) 88. B) 174. C) 123. D) 195. Show Answer Correct Answer: D) 195. 9. Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality. A) Free Market. B) Command. C) Traditional. D) None of above. Show Answer Correct Answer: A) Free Market. 10. How a command economy is different from a socialist economy A) All production is managed by the government. B) All economic decisions are made by the free market. C) All economic decisions are based on custom and habit. D) Some degree of private ownership and activity is allowed. Show Answer Correct Answer: A) All production is managed by the government. 11. Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 12. Which economic system is found in simple agricultural societies? A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: A) Traditional. 13. North Korea A) Traditional economic system. B) Communist Command economic system. C) Socialist command economic system. D) Market economy. Show Answer Correct Answer: B) Communist Command economic system. 14. Place where buyers and sellers meet to exchange goods and services for money A) Market. B) Factor of production. C) Money. D) Interdependent. Show Answer Correct Answer: A) Market. 15. In my country there is a high degree of uncertainty for businesses and workers. A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: C) Market. 16. Which types of economies are arranged from least government involvement to the greatest? A) Communist, mixed, market, socialist. B) Socialist, market, mixed, communist. C) Market, mixed, socialist, communist. D) None of above. Show Answer Correct Answer: C) Market, mixed, socialist, communist. 17. Economic questions all economies ask A) Which to produce, what kind to produce, where to produce. B) What to produce, how to produce, for whom to produce. C) Traditional, market, command. D) Where to produce, why to produce, for whom to produce. Show Answer Correct Answer: B) What to produce, how to produce, for whom to produce. 18. Economic System where the government funds a safety net to make sure everyone's basic needs are met. Non-basic businesses remain privately owned A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: C) Socialism. 19. Which describes entrepreneurship? A) The physical talents of people to build things. B) Putting together productive resources to produce a good or service. C) Machines, tools, and devices used for production. D) The ability to harvest and use natural resources. Show Answer Correct Answer: B) Putting together productive resources to produce a good or service. 20. Cottage industries can be found in this system A) Socialism. B) Communism. C) Traditional. D) Free enterprise. Show Answer Correct Answer: C) Traditional. ← 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