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Economic Systems Quiz 40 (20 MCQs)

Quiz Instructions

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1. In a mixed economy, what is one responsibility of the government?
2. The number limit on how many items of a particular product can be imported from a country is
3. Which of the following is the United States?
4. To trade.
5. An economic system in which the government or central authority controls production.
6. What type of economic system allows the government AND private businesses to make key economic decisions?
7. Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
8. A person that takes a risk by starting a new business.
9. The division of labor; work is divided into parts for workers, factories or countries to become expert at producing certain goods
10. With which term is a command economic system MOST closely associated?
11. North Korea is a country that has a .....
12. Most countries have a mixed economy, which is a blend of which economic systems?
13. How do you satisfy your unlimited wants in a world of limited resources?
14. What kind of economy does most of the world have?
15. Which of the following is an example of a socialist economy?
16. What is a fish?
17. What is an economic system?
18. An organization that uses resources to produce a product, which it then sells.
19. Which of the countries listed below has a Command Economy?
20. Reduces extreme ups and downs in our economy and helps to keep prices from changing too quickly
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