Economic Systems
7 Questions
| Attempts: 703
-
An economy completely controlled by the government is called a
-
Free market economy
-
Planned/Command economy
-
Mixed economy
-
About This Quiz
Quiz Preview
- 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, 2022Quiz Edited by
ProProfs Editorial Team -
Mar 26, 2020Quiz Created by
Melissa Deboer
Back to top