Economic Systems Quiz

SSEF4 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.

SSEF4a Which type of economic system would have the least amount of government regulation?

• Traditional
• Command
• Market
• Socialist

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

Which of the following is NOT one of the questions that ALL economic systems answer?

• What will we produce?

• How will we produce it?

• For whom will it be produced?

• When does production start?

The government plans how to use resources to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Microsoft releasing the Xbox Series X, while discontinuing the making of the Xbox 360 due to lack of consumption is an example of what characteristic?

• Private Ownership

• Consumer sovereignty

• Profit Motive

• Government Regulation

Companies must follow certain guidelines for safety or they risk being shut down. This is an example of what characteristic?

• Private Ownership

• Consumer sovereignty

• Profit Motive

• Government Regulation

This economic goal includes being able to choose your job and how to spend your money.

• Economic Growth

• Economic Sustainability

• Economic Freedom

• Profit Motive