Economic Systems

Which of these is an example of a commodity?

• A restaurant meal
• Corn
• A college lecture
• A book, blog entry, or magazine article

When did the first economies begin to develop?

• When all the hunter-gatherers died
• When money was invented
• When people began to grow crops and domesticate animals
• When the first cities were built

What is the most important commodity in a postindustrial society?

• Electricity
• Money
• Information
• Computers

In which sector of an economy would someone working as a software developer be?

• Primary
• Secondary
• Tertiary
• Quaternary

Which is an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges?

• Capitalism 
• Communism
• Mercantilism
• Mutualism

Who was the leading theorist on the development of socialism?

• Karl Marx
• Heidimarie Schwermer
• Émile Durkheim
• Adam Smith

The type of socialism now carried on by Russia is a form of ______ socialism.

• centrally planned
• market
• utopian
• zero-sum

Among the reasons socialism never developed into a political movement in the United States was that trade unions _________.

• secured workers’ rights
• guaranteed health care
• broke up monopolies
• diversified the workforce

Which country serves as an example of convergence?

• Singapore
• North Korea
• England
• Canada