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Economic Systems Quiz 39 (20 MCQs)

Quiz Instructions

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1. Which type of economic activity uses raw materials to produce something new?
2. The money received by resource owners and by producers for supplying goods and services to customers
3. An economic system characterized by private or corporate ownership of capital goods.
4. Under a command system, who owns the factors of production?
5. Name a stable, predictable and continuous economic system.
6. A ..... economy is a market-based system in which the government is involved to some extent.
7. The United States is an example of what economic systems?
8. Do not sure technology
9. Prices and supply and demand lead to production decisions.
10. Individuals and businesses own the means of production and distribution with limited government regulation in a ..... economy.
11. What is necessary to ensure increased standards of living?
12. Economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy
13. Two basic types of economic systems are .....
14. What type of economic system is based on customs and beliefs?
15. Which is NOT a characteristic of Capitalism?
16. As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
17. Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
18. Anyone who makes or grows a good or performs a service.
19. What are the characteristics of a traditional economic system?
20. The government gets to decide who gets what
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