Economic Systems

10 Questions

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Economic System Quizzes & Trivia

Questions and Answers
  • 1. 
    Which of these is a key economic question face by countries?
    • A. 

      How bis should the army be?

    • B. 

      What goods and services should be produced?

    • C. 

      How much mone should be raised in taxes?

    • D. 

      How many schools should be built?

  • 2. 
    In a traditional economy, economic decisions are based largely on
    • A. 

      Custom

    • B. 

      Science

    • C. 

      Socialism

    • D. 

      Technology

  • 3. 
    Markets allow us to
    • A. 

      Get the highest prices for what we sell

    • B. 

      Get the lowest prices for what we buy

    • C. 

      Sell the most goods we possibly can

    • D. 

      Exchange hte things we have for the things we need

  • 4. 
    Competition and self interest are two important forces in
    • A. 

      Free market economies

    • B. 

      Traditional economies

    • C. 

      Centrally planned economies

    • D. 

      Communist economies

  • 5. 
    Which economic goals are best promoted by the free market?
    • A. 

      Efficiency and freedom

    • B. 

      Efficiency and equity

    • C. 

      Innovation and security

    • D. 

      Freedom and security

  • 6. 
    Which is true of the government in a centrally planned economy?
    • A. 

      It builds every house in every village.

    • B. 

      It encourages workers to innovate

    • C. 

      It makes all important economic desisions

    • D. 

      It places much emphasis on the production of consumer goods

  • 7. 
    Socialists believe that economic equality is only possible if
    • A. 

      Everyone makes the same amount of money.

    • B. 

      The public controls the economy

    • C. 

      Medical care is free

    • D. 

      No one has to pay taxes

  • 8. 
    The former Soviet Union was an example of a communist country where
    • A. 

      Individual freedom was allowed

    • B. 

      Free enterprise was encouraged

    • C. 

      Consumers had many choices

    • D. 

      Most economic and political power was controlled by the government

  • 9. 
    Which of the following countries has the most extreme example of a centrally planned economy?
    • A. 

      North Korea

    • B. 

      Hong Kong

    • C. 

      China

    • D. 

      Great Britain

  • 10. 
    The free enterprise system of the United States is best described as a
    • A. 

      Free market economy

    • B. 

      Traditional economy

    • C. 

      Mixed economy with limited government intervention and a great deal of economic freedom

    • D. 

      Mixed economy with equal amounts of economic freedom and government intervention