This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A system of government in which the people elect candidates to make policies and laws for them.2. This is the type of government that the United States has. A) Direct Democracy. B) Representative Democracy. C) Monarchy. D) Oligarchy. Show Answer Correct Answer: B) Representative Democracy. 2. The government owns some major industries like railroads and uses democratic methods to distribute wealth more equitably. Which political system is this? A) Socialism. B) Capitalism. C) Traditional. D) Communist. Show Answer Correct Answer: A) Socialism. 3. The government controls the economic system and does not allow private ownership of the means of production and distribution in a ..... economy. A) Traditional. B) Market. C) Socialist command. D) Communist command. Show Answer Correct Answer: D) Communist command. 4. In which economic system is profit incentive to innovate? A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: B) Market. 5. Most socialist systems can also be described as A) Planned economies. B) Distribution economies. C) Pure economies. D) Mixed economies. Show Answer Correct Answer: D) Mixed economies. 6. Economic system characterized by a central authority that makes most of the major economic decisions with people having less power. A) Traditional. B) Command. C) Capitalism/market. D) Socialist. Show Answer Correct Answer: D) Socialist. 7. Government creates social security program to help protect the elderly from poverty. A) Economic Equity. B) Economic Freedom. C) Economic Security. D) Economic Stability. Show Answer Correct Answer: C) Economic Security. 8. Items that are grown or made to be sold or traded are called A) Goods. B) Services. C) Toys. D) Entrepreneurs. Show Answer Correct Answer: A) Goods. 9. In a traditional economy, how are economic decisions made? A) Custom & habit. B) Government planners. C) Consumers & the market. D) Combination of consumers and government planners. Show Answer Correct Answer: A) Custom & habit. 10. An disadvantage of this economic system is:giving up some of the individual freedom to choose; most decision making belongs to the government A) Traditional. B) Command. C) Capitalism/Market. D) Socialist. Show Answer Correct Answer: D) Socialist. 11. This type of economy is run by a central government or authority. Examples are:China, Cuba, France, Sweden A) Command. B) Market. C) Traditional. D) Socialist. Show Answer Correct Answer: A) Command. 12. Mr. Ross goes to the farmers market every Friday, where he makes & sells his steaks to people who come to his stand. What kind of economic system is this? A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: B) Market. 13. Which of these is the main principle behind a market economy? A) Supply and demand. B) Barter and trade. C) Governmental control. D) None of the above. Show Answer Correct Answer: A) Supply and demand. 14. How do citizens influence laws in a democratic government? A) Through business negotiations. B) Through taxes paid. C) Through elected representatives. D) Through supply and demand. Show Answer Correct Answer: C) Through elected representatives. 15. In a command economy, most of the property is owned by whom? A) Entrepreneurs. B) Wealthy aristocrats. C) Government. D) The employees. Show Answer Correct Answer: C) Government. 16. Subsistence system A) Traditional economic system. B) Communist command economic system. C) Socialist command economic system. D) Market economy. Show Answer Correct Answer: A) Traditional economic system. 17. Which of the following is NOT a branch of democratic governments? A) Judicial branch. B) Executive branch. C) Legislative branch. D) Affirmative branch. Show Answer Correct Answer: D) Affirmative branch. 18. Which statement about the reasons forgasoline's inelastic demand is true? A) Gasoline does not follow the law ofdemand. B) Gasoline has no close substitutes. C) Gasoline is a luxury for mosthouseholds. D) Gasoline takes a large part of theaverage income. Show Answer Correct Answer: B) Gasoline has no close substitutes. 19. Which of the following is the disadvantage for a market economy? A) Some individuals needs may not be meet. B) Little government intervention. C) Great variety of goods or services. D) Price are determined by market forces (supply and demand). Show Answer Correct Answer: A) Some individuals needs may not be meet. 20. SSEF4a Which type of economic system would have the least amount of government regulation? A) Traditional. B) Command. C) Market. D) Socialist. Show Answer Correct Answer: C) Market. ← PreviousNext →Related QuizzesSystems QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 7Economic Systems Quiz 8Economic Systems Quiz 9Economic Systems Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books