This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 38 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 38 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Public goods are paid for by the public. Ultimately, that means who pays for them? A) The government. B) The society. C) The taxpayers. D) The Federal Reserve Bank. Show Answer Correct Answer: C) The taxpayers. 2. This system only can exist in small, more isolated societies today. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 3. Resources found in nature like air, soil, sunshine, water, coal, plants, and animals. A) Human Resources. B) Natural Resources. C) Nonrenewable Resources. D) Capital Resources. Show Answer Correct Answer: B) Natural Resources. 4. What was salt used for? A) Preserve foods. B) Flavor food. C) All of these. D) Give to the cattle. Show Answer Correct Answer: C) All of these. 5. United States A) Traditional economic system. B) Command economic system. C) Market economic system. D) Mixed economic system. Show Answer Correct Answer: D) Mixed economic system. 6. What is the economy when you go hunt just like your father A) Traditional. B) Command. C) Mixed. D) Market. Show Answer Correct Answer: A) Traditional. 7. A ..... economy is an economic system in which economic decisions are left up to individual producers and consumers. A) Mixed. B) Command. C) Traditional. D) Market. Show Answer Correct Answer: D) Market. 8. Economic system that has some combination of command and market economies A) Traditional. B) Command. C) Socialism. D) Mixed. Show Answer Correct Answer: D) Mixed. 9. Among the reasons socialism never developed into a political movement in the United States was that trade unions ..... A) Secured workers' rights. B) Guaranteed health care. C) Broke up monopolies. D) Diversified the workforce. Show Answer Correct Answer: A) Secured workers' rights. 10. An economic system in which the government owns most basic industries such as transportation, communications, banking. Nonbasic industries are privately owned. A) Capitalism. B) Communism. C) Socialism. D) None of above. Show Answer Correct Answer: C) Socialism. 11. Ms. Hargrove owns a shoe store in Concord, NC. Her profits from the store are divided up and shared with the people of Concord. A) Capitalism. B) Socialism. C) Communism. D) None of above. Show Answer Correct Answer: B) Socialism. 12. People that make a product A) Consumers. B) Producers. C) Goods. D) Services. Show Answer Correct Answer: B) Producers. 13. Which of the following is not a type of economic system? A) Communism. B) Free enterprise. C) Socialist. D) Totalitarian. Show Answer Correct Answer: D) Totalitarian. 14. Who or what answers the basic economic questions in a traditional economy? A) Individuals and Businesses. B) Government. C) Custom. D) Individuals, Businesses, and Government. Show Answer Correct Answer: C) Custom. 15. Government tells workers where they will work A) Traditional economic system. B) Command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: B) Command economic system. 16. Which is NOT a characteristic of a Market Economy? A) Property Rights. B) Freedom of Enterprise. C) Competition. D) Total Government Control. Show Answer Correct Answer: D) Total Government Control. 17. The United States has a mixed economy that combines which two economic philosophies? A) Capitalism and Socialism. B) Capitalism and Laissez-Faire. C) Capitalism and Communism. D) Socialism and Communism. Show Answer Correct Answer: A) Capitalism and Socialism. 18. This economic system is based on supply and demand: A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 19. The Economist, Freidrich von Hayek, thought A) Competition is a regulatory force in the economy. B) Government intervention is necessary for stability. C) Government should not control the money supply. D) Less government intervention gives people more economic freedom. Show Answer Correct Answer: D) Less government intervention gives people more economic freedom. 20. An example of a public good provided by the government would be: A) Cars. B) Interstate highway. C) Phones. D) Internet. Show Answer Correct Answer: B) Interstate highway. ← 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