This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What resources did Mesopotamia have? A) Barley and dates. B) Wheat and gold. C) Salt and fish. D) Flax and metal. Show Answer Correct Answer: A) Barley and dates. 2. An economy most similar to that of the former Soviet Union A) Sweden. B) Norway. C) South Korea. D) North Korea. Show Answer Correct Answer: D) North Korea. 3. A supply & demand graph A) Would show changes in a products demand or supply. B) Is a visual representation of supply & demand. C) Can predict the performance of the product over time. D) All of the answers are correct. Show Answer Correct Answer: D) All of the answers are correct. 4. Most democratic nations have ..... economies. A) Mixed. B) Traditional. C) Command. D) Market. Show Answer Correct Answer: A) Mixed. 5. When private industry & government decides how something is produced it is what type of market? A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: B) Mixed. 6. Capitalism is most associated with which type of economy A) Free market with limited government intervention. B) Centrally planned economy. C) Traditional economy. D) Centrally planned economy with limited free market initiatives. Show Answer Correct Answer: A) Free market with limited government intervention. 7. An economic system that allows individuals to start businesses, but still has government regulations is A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: D) Mixed. 8. Adam Smith's concept of the invisible hand is best described as: A) Interaction between buyers and sellers. B) The opposite of self interest. C) The development of the division of labor. D) The self-regulating nature of the market. Show Answer Correct Answer: D) The self-regulating nature of the market. 9. In this type of economic system, consumers and producers make all economic decisions. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 10. A disadvantage to the Mixed Economy is A) A balance of needs & wants are met. B) Citizens have to pay taxes. C) Marketplace takes care of people's wants. D) Government takes care of people's needs. Show Answer Correct Answer: B) Citizens have to pay taxes. 11. Export A) Selling things to another country for a profit. B) Giving things to another country for free. C) Purchasing things from another country. D) Getting things from another country. Show Answer Correct Answer: A) Selling things to another country for a profit. 12. What economic system involves everyone sharing the public good? A) Socialism. B) Capitalism. C) Communism. D) None of above. Show Answer Correct Answer: A) Socialism. 13. Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)? A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 14. Which economic system has the government answer the three economic questions? A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: C) Command. 15. Economic system found in rural, non-developed countries A) Market Economy. B) Command Economy. C) Traditional Economy. D) Mixed Economy. Show Answer Correct Answer: C) Traditional Economy. 16. Bartering can be seen in which type of economy? A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: D) Traditional. 17. A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society. A) Free Enterprise. B) Centrally Planned Economy. C) Communism. D) Socialism. Show Answer Correct Answer: D) Socialism. 18. Promotes a just and fair system A) Freedom. B) Equity. C) Security. D) Growth. Show Answer Correct Answer: B) Equity. 19. Supply and demand alone controls production of goods and services? A) Command economy. B) Communism. C) Pure market. D) Mixed market. Show Answer Correct Answer: C) Pure market. 20. This economic system is associated with some government-run and some privately-owned businesses. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. ← PreviousNext →Related QuizzesSystems QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 7Economic Systems Quiz 8Economic Systems Quiz 9Economic Systems Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books