This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 41 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 41 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. SSEF4c We start a new colony on mars and must distribute the scarce resources we have to everyone. We do so by having our leader allocate them as he decides. This strategy for allocating resources would be considered: A) Lottery. B) Authority. C) Sharing. D) Majority rule. Show Answer Correct Answer: B) Authority. 2. Which of the following countries are/were command economies? A) N Korea. B) Cuba. C) Vietnam. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. Exchanging goods between countries A) International trade. B) Specialization. C) Embargo. D) Quota. Show Answer Correct Answer: A) International trade. 4. Which type of economic system bases its decisions on custom? A) Market Economy. B) Mixed Economy. C) Command Economy. D) Traditional Economy. Show Answer Correct Answer: D) Traditional Economy. 5. What does government provide with the revenue it takes in from taxes? A) Headaches. B) Public goods and services. C) More Congressmen. D) Greater control of the media. Show Answer Correct Answer: B) Public goods and services. 6. In which type of economy is whats produce, its price, and who gets the product determined solely by supply and demand? A) Market. B) Traditional. C) Socialist. D) Comunist. Show Answer Correct Answer: A) Market. 7. When the demand is high A) Fewer people will be buying the product. B) Competitors see the opportunity and enter the marketplace. C) Fewer people will produce the item. D) Fewer people will buy the item. Show Answer Correct Answer: B) Competitors see the opportunity and enter the marketplace. 8. The study of how people choose to use their resources A) Incentive. B) Economics. C) Entrepreneur. D) Specialization. Show Answer Correct Answer: B) Economics. 9. ..... is a system in which goods and services are bought and sold. A) Market. B) Economy. C) Entrepreneurship. D) Store. Show Answer Correct Answer: B) Economy. 10. What is the result when people want or need more of something than there is? A) Scarcity. B) Profit. C) Opportunity Cost. D) Tax. Show Answer Correct Answer: A) Scarcity. 11. Advantages of this economic system are low levels of inequality in wealth and unemployment. A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: D) Command. 12. Which would be a problem in a command economy? A) Individuals trying to start a new business. B) Workers forced to do jobs they did not care to do. C) Local crafts produced before manufactured goods. D) Government planners set prices for goods produced. Show Answer Correct Answer: D) Government planners set prices for goods produced. 13. How do Russia's harsh climate, size, and rivers affect its economic development? A) Russia is the richest nation on earth. B) Russia's natural resources are difficult to use. C) Russia can easily transport goods to Asia. D) The land in Siberia is very easy to farm. Show Answer Correct Answer: B) Russia's natural resources are difficult to use. 14. Which type of economy ensures more benefits to its citizens because it offers incentives for people to use their skills and creativity to start their own businesses. A) Socialist economy. B) Communist economy. C) Market economy. D) None of above. Show Answer Correct Answer: C) Market economy. 15. Which economic system most accurately describes the United States? A) Traditional system. B) Command economy. C) Pure free market. D) Modified free enterprise. Show Answer Correct Answer: D) Modified free enterprise. 16. A ..... economy is driven entirely by voluntary exchange in markets; No government intervention A) Traditional. B) Planned/Command. C) Mixed. D) Market. Show Answer Correct Answer: D) Market. 17. Farming, hunting, gathering, and herding are often part of this type of economic system. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 18. In this type of economy, the government has some involvement in the economy. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 19. This system is associated with the ideas of Karl Marx and communism. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: C) Command Economy. 20. What type of economy do most countries in the world have? A) Market economy. B) Command economy. C) Traditional 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 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