Economic Systems
7 Questions
| Attempts: 702
Questions and Answers
- 1.
What are the questions that determine an economic system (check all that apply)
- A.
What will we produce?
- B.
How will we produce?
- C.
Who gets it?
Correct Answer(s)
A. What will we produce?
B. How will we produce?
C. Who gets it? -
- 2.
Land, labor and capital are called
- A.
Factors of production
- B.
Economic indicators
- C.
Economic expenditures
Correct Answer
A. Factors of production -
- 3.
An economy completely controlled by the government is called a
- A.
Free market economy
- B.
Planned/Command economy
- C.
Mixed economy
Correct Answer
B. Planned/Command economy -
- 4.
A laissez faire economic approach is associate with a
- A.
Free market economy
- B.
Planned/Command economy
- C.
Mixed economy
Correct Answer
A. Free market economy -
- 5.
The invisible hand is associated with a
- A.
Free market economy
- B.
Planned/Command economy
- C.
Mixed economy
Correct Answer
A. Free market economy -
- 6.
Most economies are
- A.
Free market
- B.
Planned/Command
- C.
Mixed
Correct Answer
C. Mixed -
- 7.
Economies differ based on the amount of
- A.
Scarcity
- B.
Government involvement
- C.
Wealth
Correct Answer
B. Government involvement -
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Current Version
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Mar 21, 2022Quiz Edited by
ProProfs Editorial Team -
Mar 26, 2020Quiz Created by
Melissa Deboer
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