A Quick Review On Economic System! Quiz

10 Questions | Total Attempts: 297

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A Quick Review On Economic System! Quiz

There are different ways societies use to ensure that limited resources can help meet the endless needs of societies. Having an economic system ensures that one knows when, how, and who to produce to meet the requirements. Do take up the quiz and get to learn some more about the main economic systems. All the best!


Questions and Answers
  • 1. 
    1. Which is a question that nations answer when determining their type of economic system? 
    • A. 

      Who gets to consume the goods and services that are produced?

    • B. 

      What goods and services will be produced?

    • C. 

      How will the goods and services be produced?

    • D. 

      All of the above

  • 2. 
    Societies make the decisions to answer the 3 questions of scarcity by creating
    • A. 

      Economic systems

    • B. 

      Economic Choices

    • C. 

      Opportunity Costs

    • D. 

      Factors of Production

  • 3. 
    The traditional system generally keeps economic customs by passing them
    • A. 

      In books.

    • B. 

      On the Internet

    • C. 

      Government programs

    • D. 

      Word of mouth.

  • 4. 
     Religion today can be credited with bringing back which economic system?
    • A. 

      Traditional

    • B. 

      Command

    • C. 

      Market

    • D. 

      Mixed

  • 5. 
    Decisions by the church elders govern the economic system used by
    • A. 

      Asian countries.

    • B. 

      Republicans.

    • C. 

      Amish Communities.

    • D. 

      Communists.

  • 6. 
    When building a house or barn, the Amish use only hand tools, and drill holes for wooden pegs instead of using nails. These methods could be examples of the
    • A. 

      What question

    • B. 

      How question

    • C. 

      For whom question

    • D. 

      None of these

  • 7. 
    Which is a synonym for a centrally planned economic system?
    • A. 

      Mixed economy

    • B. 

      Specialized economy

    • C. 

      Command economy

    • D. 

      Pure free market economy

  • 8. 
    On January 1, 2014, the U.S. government will ban sales of new incandescent (old, normal bulbs) light bulbs over a certain wattage. They are doing this to encourage energy saving by the newer types of bulbs.  This regulation is an example of __________________________in the U.S. capitalist system
    • A. 

      Mixed command

    • B. 

      Mixed tradition

    • C. 

      Mixed communism

    • D. 

      Mixed environmentalism

  • 9. 
    A market economy is one in which:
    • A. 

      Buyers and sellers operate according to government guidelines

    • B. 

      Individuals are free to exchange in business transactions (voluntary exchange) and their economic activity sets prices

    • C. 

      Stores stay open until late at night only when they are given permission

    • D. 

      There is a central market committee that solves problems

  • 10. 
    The free market system is also known by other names. Which of the following is NOT one of these?
    • A. 

      Capitalism

    • B. 

      Free Enterprise

    • C. 

      Free Expression

    • D. 

      Private Enterprise

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