Economic Systems

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    An economy completely controlled by the government is called a

    • Free market economy
    • Planned/Command economy
    • Mixed economy
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Economic Systems - Quiz

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  • 2. 

    Land, labor and capital are called

    • Factors of production

    • Economic indicators

    • Economic expenditures

    Correct Answer
    A. Factors of production
  • 3. 

    What are the questions that determine an economic system (check all that apply)

    • What will we produce?

    • How will we produce?

    • Who gets it?

    Correct Answer(s)
    A. What will we produce?
    A. How will we produce?
    A. Who gets it?
  • 4. 

    A laissez faire economic approach is associate with a 

    • Free market economy

    • Planned/Command economy

    • Mixed economy

    Correct Answer
    A. Free market economy
  • 5. 

    Most economies are

    • Free market

    • Planned/Command

    • Mixed

    Correct Answer
    A. Mixed
  • 6. 

    Economies differ based on the amount of 

    • Scarcity

    • Government involvement

    • Wealth

    Correct Answer
    A. Government involvement
  • 7. 

    The invisible hand is associated with a

    • Free market economy

    • Planned/Command economy

    • Mixed economy

    Correct Answer
    A. Free market economy

Quiz Review Timeline (Updated): Mar 21, 2022 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 26, 2020
    Quiz Created by
    Melissa Deboer
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