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Economic Systems Quiz 8 (20 MCQs)

Quiz Instructions

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1. The United States is this type of system
2. The way in which an economic system answers the basic economic questions depends upon the country's:
3. The power of consumers to decide what gets produced.
4. This economic system is based on individual freedom.
5. Socialism is a system that relies on the use of .....
6. Which type of economy is controlled by the government?
7. Disadvantages of this economic system are frequent shortages, lack of consumer choice, lack of competition and lack of efficiency.
8. Which type of economy has the government making all decisions?
9. Resources that are made by people to make other things.
10. This includes the customers & locations a business wants to serve.
11. What type of economic system is based cultural or religious beliefs and is often referred to as a subsistence economy?
12. Tax placed on an imported good
13. In a traditional economy, information about the way goods are produced is passed from one generation to the next by the-
14. An advantage of this economic system is:that goods are usually privately owned, and privately owned goods last longer than goods owned by others.
15. An economic system in which business are allowed to produce any goods and services they wish is referred to as .....
16. In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
17. What type of economy is described below:"the government tends to own major industries like utilities, health care and major manufacturing industries; however, individuals own most small businesses."
18. How are goods and services exchanged in a traditional economy?
19. China, until the 1980's-90's was viewed as a planned economy, is now categorized as this economic system.
20. Which of the following economic systems gives PEOPLE all the power in the economy?
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