Economic Systems Quiz

Which is a fundamental questions every society must answer?

• What goods and services are to be produced?

• How are the goods and services to be produced?

• For whom are the goods being produced

• All of the above

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which type of economic system would have the least amount of government regulation?

• Traditional

• Command

• Market

• Socialist

The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken. 

• Market Economy
• Command Economy
• Liberated Economy
• Mixed Market Economy

An economic system based on equity and in which the government decides what gets made and sets prices is called a

• market economy
• traditional economy
• political economy
• command economy

What type of economy do most countries in the world have?

• Communist economy
• Command economy
• Traditional economy
• Mixed economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

• competition

• private property rights

• voluntary exchange

• consumer soverignty

A government in which the state controls all property and capital, while claiming that all goods are equally shared by the people leading to equal social and economic status is called

• Socialism

• Democracy

• anarchy

• communism

A government in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor is called:

• Democracy

• Communism

• Monarchy

• Socialism