Economic Systems

Multiple Select

Which of the following do economic systems organize for societies? (Check all that apply)

• Production of goods and services

• Distribution of goods and services

• Consumption of goods and services

• Destruction of goods and services

Multiple Choice

We'd find more traditional economies in....

• The USA

• Europe

• Africa

• Japan

Multiple Choice

No country has a purely market economy.

• True

• False

Multiple Choice

In a market economy, what most strongly affects the price and quality of goods and services?

• tariffs

• competition as well as supply and demand

• trade barriers

• government control

Fill in the Blanks

Which economy restricts consumers the MOST?

Multiple Choice

Which of the following would reflect a country with a mixed economy?

• Prices and wages are completely regulated by a country’s government.

• A combination of privately-owned industry and government control.

• A country’s distribution of resources is based on inheritance.

• Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

Multiple Choice

In a command economic system or planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do. Socialism is a type of command economic system. Historically, the government has assumed varying degrees of control over the economy in socialist countries. In some, only major industries have been subjected to government management; in others, the government has exercised far more extensive control over the economy. The classic (failed) example of a command economy was the communist Soviet Union. The collapse of the communist bloc in the late 1980's led to the demise of many command economies around the world.

According to the passage, why is it unusual for a country to have a command market in today’s society?

• A command market allows too much freedom for private businesses.

• A command economy depends on bartering and most societies do not barter anymore.

• The failure of the Soviet Union proved to the world that command markets do not work.

• Government distributions of resources allowed for too much competition between businesses.

Multiple Choice

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Multiple Choice

Who or what answers the basic economic questions in a free market economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Multiple Choice

Most modern countries have a ___________ economy.

• Command

• market

• traditional

• mixed

Multiple Choice

The way a country organizes how it will produce goods to meet the needs of its people

• Economic System

• Human Rights

• Government

• Statistics

Multiple Choice

People sell their excess crops in village markets for items they need is an example of which economy?

• Market

• Command

• Traditional

• Mixed

Multiple Choice

Buyers and sellers make the financial decisions

• Market

• Mixed

• Command

• Traditional

Multiple Choice

A person who is associated with starting a business is know as

• Merchant

• Entrepreneur

• Salesman

• Businessman

Multiple Choice

What do you call a person who meets the needs of other people by fulfilling their demands for products and services?

• Seller

• Buyer

• Manager

• Entrepreneur

Multiple Choice

Money needed to start or expand a business?

• Loan
• Financial Capital
• Savings
• Venture Capitalist

Multiple Choice

The term _______ refers to the economic value of a worker's experience and skills. __________ includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality. __________ can increase productivity and thus profitability.

• seller

• labor

• human capital

• buyer

Multiple Choice

What do you call a person who offers products or services in exchange for payment or money?

• Seller

• Buyer

• manager

• Entrepreneur

Multiple Select

What do you call a person who pays for goods & services?

• Seller

• Buyer

• Manager

• entrepreneur

Economic Systems Quiz

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