Chapter 2 - Economic Systems
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When it comes to the world of economics the most important thing to do is to meet the supply in the market while maximizing profits or income. Economic systems as we learned are the means through which governments distribute resources to maximize income. Take up the quiz below and see how much of chapter two on economic systems you understood.
- 1.
- A.
What to produce
- B.
Where to produce
- C.
For whom to produce
- D.
How to produce
- 2.What is a benefit of a free enterprise economic system according to the text?
- A.
Guaranteed social services
- B.
Consumer Protection
- C.
Better quality at lower prices
- D.
Restrictions on personal freedoms
- 3.What is a limitation of a free enterprise economic system according to the text?
- A.
Little individual incentive
- B.
High taxation
- C.
Freedom to make economic decisions
- D.
Uneven distribution of resources
- 4.What is a benefit of a centrally planned economic system according to the text?
- A.
Guaranteed basic standard of living
- B.
Better quality at lower prices
- C.
Innovative new products and services
- D.
Consumer protection
- 5.What is a limitation of a centrally planned economic system according to the text?
- A.
High taxation
- B.
Little individual incentive
- C.
Consumer difficulty in obtaining information
- D.
Uneven distribution of resources
- 6.What is a benefit of a mixed economic system according to the text?
- A.
Guaranteed basic standard of living
- B.
Total freedom to make economic decisions
- C.
Restrictions on personal freedom
- D.
Basic social services
- 7.
- A.
High taxation
- B.
Many social services
- C.
Health-risk products
- D.
Uneven distribution of resources
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