Economic Systems Quiz

What is an economy?

• A system where people produce, sell, and buy things

• A system where people trade goods and services without money

• A system where all businesses are privately owned

• A system where the government owns most parts of the economy

Which economic system is characterized by private property rights and competition?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

In which economic system are prices determined by supply and demand?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system is controlled by the government and has centralized power?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system is a mix of free enterprise and command economy?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system is most commonly associated with indigenous or tribal societies?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system is characterized by government ownership of major resources and production?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system is the United States an example of?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system has a mix of private and public ownership with government regulation?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy

Which economic system has limited government intervention and prices determined by supply and demand?

• Traditional economy

• Free enterprise economy

• Command economy

• Mixed economy