Economic Systems Certification Quiz

Which type of economic system bases its decisions on custom?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Economic equity is the ________ with which an economy distributes its resources and wealth.

• traditions

• fairness

• unfairness

• all of these

Economic _____________ is the ability to make our own economic decisions without interference from the government.

• freedom

• constraint

• opportunites

• dead end

Innovation (new ways of doing things) plays a large role in advancing an economy toward which economic goal?

• Economic Security

• Economic Equity

• Economic Freedom

• Economic Growth

Most modern economies today are ______ economies.

• market

• traditional

• command

• mixed

In a ___________ economy, decisions about production and consumption are made by the government.

• market

• mixed

• command

• free enterprise system

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

• Mixed

• Command

• Traditional

• Market

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

• mixed

• market

• command

• traditional

In a free market economy, who owns the factors of production?

• The government

• Individuals and privately owned businesses

• Large corporations

• Foreign firms

Who owns the factors of production in a command economy?

• Individuals and privately owned businesses

• Large corporations

• The government

• Foreign firms