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Economic Systems Quiz 5 (20 MCQs)

Quiz Instructions

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1. This economic system is considered "primitive":
2. An advantage of this economic system is:that everyone knows which role to play.
3. Which of the following countries has economy?
4. Business FREEDOM
5. ..... is the most basic economic problem.
6. In this type of economy, private industry alone decides how something is produced. The product is produced for the consumers.
7. An economic system in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor is called:
8. Producers determine supply. Consumers determine demand. Companies seek profits. Which economic system is described above?
9. Which type of economy is based on traditions and beliefs?
10. What is a trade barrier?
11. Which of the economic systems is the least popular today?
12. What is a common phrase used in capitalism?
13. In which economic system will you likely see mothers and fathers showing their children how to perform tasks that benefit their community?
14. GDP indicates the economy grew by 3.5%
15. Resources that can't be replaced like oil, gold, and silver. Once they are taken out of the ground, they can't grow back or be replaced.
16. Which one of the following words describes traditional economy?
17. If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
18. What is produced in this type of economy is determined by what consumers will buy.
19. Which of the following is not true of a Free Enterprise economy?
20. Work done by producers for other people is called a
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