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Economic Systems Quiz 37 (20 MCQs)

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1. What is an economic system in which the government owns some factors of production and has a role in determining what and how goods are produced?
2. This is an economic system where people follow the occupation of their ancestors:
3. The government makes ALL of the economic decisions in a:
4. Which one of these is not a positive aspect of government regulation
5. Which of the following is NOT TRUE of socialism?
6. Who owns factors of production in a command economy?
7. Where government owns all property and means of production and people share equally.
8. In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.
9. If the government makes me produce 70 T-Shirts, what economic system is this?
10. Limiting the amount of food a community gets.
11. One of the advantages of this economic system is that government regulations provide for safety and environmental concerns.
12. When we have limited resources, we are experiencing .....
13. Which of the following is an example of a traditional economy?
14. Which one is not a disadvantage of traditional economy.
15. The words "producer goods" describe .....
16. Individuals can own businesses and resources in this type of economy
17. Mary Ann runs a car dealership selling only government produced cars and must give all of the money she has earned back to the government at the end of the month. What type of economy doe she work in?
18. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
19. What term describes the tools and technology used to make a product?
20. Economy where the government own some of the factors of production
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