This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 43 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 43 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If the price of an item goes down, ..... consumers will likely purchase that item. A) Fewer. B) More. C) The same amount. D) None of above. Show Answer Correct Answer: B) More. 2. One of the characteristics of socialism include A) Limited regulations and taxes. B) No benefits for those that don't work. C) Government ownership of productive resources. D) Little government interference in the market. Show Answer Correct Answer: C) Government ownership of productive resources. 3. What economic system values security and safety nets? A) Command. B) Traditional. C) Mixed. D) Free Market. Show Answer Correct Answer: C) Mixed. 4. In my country, there is little economic growth because we do not use any new technologies. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 5. In a command economy, most of the capital, tools, and production equipment are A) Outdated. B) Privately owned. C) Owned by government. D) Unregulated. Show Answer Correct Answer: C) Owned by government. 6. This economic system has the MOST government control ..... A) Capitalism. B) Mixed market. C) Communism. D) Socialism. Show Answer Correct Answer: C) Communism. 7. What is another term for trade between nations? A) Free trade. B) International trade. C) Voluntary trade. D) Trade barrier. Show Answer Correct Answer: B) International trade. 8. Mr. Moss starts a breakfast business, and he plans to pass it down to his son when he's ready to retire. Mr. Moss' son would then pass it down to his son and so on. What kind of economic system is this? A) Traditional Economy. B) Command Economy. C) Market Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 9. An economic system based on private property and free enterprise. Little government involvement A) Communism. B) Capitalism. C) Socialism. D) None of above. Show Answer Correct Answer: B) Capitalism. 10. If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this? A) Mixed. B) Market. C) Traditional. D) Command. Show Answer Correct Answer: C) Traditional. 11. If the supply of a good is higher than the demand, what happens to the price? A) It stays the same. B) Price goes down. C) Price goes up. D) It's FREE!!. Show Answer Correct Answer: B) Price goes down. 12. Many major industries in Saudi Arabia have significant government involvement or are government controlled. Based solely on this information, which type of economic system would BEST describe Saudi Arabia? A) Market. B) Federalist. C) Traditional. D) Command. Show Answer Correct Answer: D) Command. 13. An economy in which most of the economic decisions are made based on customs and habits of the past. A) Command. B) Mixed. C) Traditional. D) Market. Show Answer Correct Answer: C) Traditional. 14. Which economic system do you think consumers (like you) would like the most? A) Traditional. B) Command. C) Market. D) None of above. Show Answer Correct Answer: C) Market. 15. Which of the following is not an example of a free enterprise economic system? A) Japan. B) Germany. C) Chile. D) Cuba. Show Answer Correct Answer: D) Cuba. 16. An disadvantage of this economic system is:that rewards for individual initiatives are rare A) Traditional. B) Command. C) Capitalism/Market. D) Mixed. Show Answer Correct Answer: B) Command. 17. SSEF4 Which is a fundamental questions every society must answer? A) What goods and services are to be produced?. B) How are the goods and services to be produced?. C) For whom are the goods being produced. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. In which economic system would you expect the widest selection of consumer goods? A) Traditional. B) Free Enterprise. C) Socialist. D) Communist. Show Answer Correct Answer: B) Free Enterprise. 19. An economy in which changes in prices guide how goods and services will be produced, distributed and consumed. A) Mixed. B) Traditional. C) Command. D) Market. Show Answer Correct Answer: D) Market. 20. What is a monopoly? A) A rivalry between companies selling similar items. B) One company is the only one selling the item. C) Companies improving their stock. D) None of above. Show Answer Correct Answer: B) One company is the only one selling the item. ← 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