Economic Systems Quiz 45 (12 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. What is the best way to describe a mixed economy?

Correct Answer: A) It's a mix of two (or three) of the economic systems we've discussed.

2. Who owned everything under communism?

Correct Answer: C) The government.

3. Choose the correct examples of a secondary activity.

Correct Answer: B) Manufacturing and construction.

4. This economic system involves farming.

Correct Answer: A) Traditional.

5. In a communist society .....

Correct Answer: D) There is no wealth or private property.

6. What is an economic problem every nation has?

Correct Answer: D) Not enough resources to satisfy all wants.

7. What type of economy do most democratic countries have?

Correct Answer: D) Mixed economy.

8. An economic system where the government controls the nation's economy

Correct Answer: B) Command.

9. The Zhou Dynasty in China followed the economic system of a

Correct Answer: A) Command economy.

10. Most modern economies today are ..... economies.

Correct Answer: D) Mixed.

11. Lack of growth and progress

Correct Answer: A) Traditional economic system.

12. How did Russia's economy change at the end of the Cold War (end of communism)?

Correct Answer: B) It moved closer to a market system on the continuum.