This quiz works best with JavaScript enabled. Home > Systems > Types > Economic Systems – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Systems Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A centrally planned economy promotes ..... A) Private property, profit, and competition. B) Government ownership, no competition, and no profit. C) Government ownership, competition, and no profit. D) Government ownership, profit, and no competition. Show Answer Correct Answer: D) Government ownership, profit, and no competition. 2. Using goods and services by consumers A) Production. B) Consumption. C) Scarcity. D) Distribution. Show Answer Correct Answer: B) Consumption. 3. An economic system in which the government controls the factors of production and makes all of the economic decisions is called: A) Socialism. B) Democracy. C) Communism. D) Anarchy. Show Answer Correct Answer: C) Communism. 4. Based on habits, customs and beliefs A) Traditional economic system. B) Command economic system. C) Mixed economic system. D) Market economic system. Show Answer Correct Answer: A) Traditional economic system. 5. An disadvantage of this economic system is:it does not provide for everyone. Some people may be too young, too old, or too sick to earn a living or to care for themselves. These people would have difficulty surviving A) Traditional. B) Command. C) Capitalism/Market. D) Socialist. Show Answer Correct Answer: C) Capitalism/Market. 6. What is the conversion of state owned factories and other property to private ownership? A) Vouchers. B) Collectivization. C) Black market. D) Privatization. Show Answer Correct Answer: D) Privatization. 7. What is an entrepreneur? A) A person who starts a new business. B) A leader of a country. C) A worker in a factory. D) A student in college. Show Answer Correct Answer: A) A person who starts a new business. 8. This economic system is described as "the old way" . A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 9. What type of economic system allows the government to decide what to produce, how to produce and for whom to produce? A) Market. B) Mixed. C) Command. D) Traditional. Show Answer Correct Answer: C) Command. 10. What did Adam Smith believe about economic systems? A) Karl Marx was right about societies. B) Command Economy is the best. C) All societies should return to using traditional economies. D) Economies work best when there is no government involvement. Show Answer Correct Answer: D) Economies work best when there is no government involvement. 11. Which economy is dictated by supply and demand and the buyers and sellers? A) Market. B) Socilaism. C) Mixed. D) Command. Show Answer Correct Answer: A) Market. 12. A system for producing and distributing goods, and services to fulfill people's wants A) Economy. B) Communism. C) Politics. D) Distribution. Show Answer Correct Answer: A) Economy. 13. Basic economic problems exist because of A) Needs. B) Capital resources. C) Scarcity. D) Economic resources. Show Answer Correct Answer: C) Scarcity. 14. Which of the following is a potential problem in market economies? A) No competition. B) Total government control. C) Production quotas for businesses. D) Financial loss. Show Answer Correct Answer: D) Financial loss. 15. What can the three basic economic questions determine? A) What kind of government a country has. B) What kind of economic system a country has. C) Whether or not most people live in poverty. D) None of above. Show Answer Correct Answer: B) What kind of economic system a country has. 16. A person who owns a business is called ..... A) An entrepreneur. B) A representative. C) An educator. D) None of above. Show Answer Correct Answer: A) An entrepreneur. 17. The Country of Korea, who has a dictator that makes most of the econmic decisions is what kind of economy? A) Traditional. B) Market. C) Command. D) Centrally Planned. Show Answer Correct Answer: C) Command. 18. This exists when wants exceed resources available to satisfy those wants. A) Economics. B) Market economy. C) Scarcity. D) Mixed economy. Show Answer Correct Answer: C) Scarcity. 19. Which of the following is one of the four factors of production? A) Entrepreneurship. B) Phones. C) Technology. D) Wheat. Show Answer Correct Answer: A) Entrepreneurship. 20. People sell their crops in village markets for items they need is an example of ..... A) Market. B) Command. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. ← PreviousNext →Related QuizzesSystems QuizzesEconomic Systems Quiz 1Economic Systems Quiz 2Economic Systems Quiz 3Economic Systems Quiz 4Economic Systems Quiz 5Economic Systems Quiz 6Economic Systems Quiz 8Economic Systems Quiz 9Economic Systems Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books