Economic Systems Quiz 42 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Actions in this type of economy relate to ritual, habit and custom.

Correct Answer: A) Traditional.

2. Which of the following is NOT a good?

Correct Answer: C) Teaching.

3. Which economy is not on the economic continuum?

Correct Answer: B) Traditional.

4. Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?

Correct Answer: B) Government officials.

5. The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Correct Answer: C) Command.

6. In this system, people can be really rich, but you also have people that are poor, hungry and homeless

Correct Answer: B) Capitalism.

7. There is no truly pure Market economic systems, but which of the following countries is the closest?

Correct Answer: D) United States.

8. Karl Marx and Friedrich Engels encouraged workers to improve their lives by

Correct Answer: C) Overthrowing the capitalist system.

9. As prices fall for a particular good or service, the demand for that item will increase & vice-versa.

Correct Answer: B) Law of Demand.

10. This economic system does not meet the needs and wants of citizens because the central authority makes all decisions, rather than the individual.

Correct Answer: B) Command.

11. ..... results in lower prices and better quality goods and services.

Correct Answer: D) Competition.

12. Which of these associations is incorrect?

Correct Answer: B) Traditional economy is a command system.

13. The economic system of communist countries is most closely related to which of the following:

Correct Answer: A) Command.

14. In a ..... economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Correct Answer: C) Traditional.

15. How do governments, businesses and individuals deal with having unlimited needs and wants with scarce resources?

Correct Answer: A) By making trade-offs.

16. An adult, government, or someone in charge decides who gets the scarce resource.

Correct Answer: D) Authority.

17. Manufacture of goods and services with exchange value

Correct Answer: B) Production.

18. Which system of government will you find shared power between state and central government?

Correct Answer: C) Federal.

19. The United States has a mixed economy which is a combination of which two economic philosophies?

Correct Answer: A) Capitalism and Socialism.

20. The government should not interfere with the rights of individuals to make their own living. This viewpoint is aligned with the principles of:

Correct Answer: B) Capitalism.