Trivia On Economic System: Quiz!

10 Questions | Total Attempts: 768

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Trivia On Economic System: Quiz!

Do you know anything about the economic system? Would you be willing to try this quiz? Some of the ideas in this quiz that you should learn about including financial decisions based on what markets allow us to do, how competition and self-interest are essential, and what a centrally planned economy is. This quiz will feature these areas concerning the economic system. Could you give it a go?


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

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