Economic Systems Quiz

What is an economic system?

• A system that involves the production, distribution, and consumption of goods and services in a society.

• A system that only involves the distribution of goods and services in a society.

• A system that focuses on the production of goods and services for personal use.

• A system that involves the exchange of goods and services in a society.

Which economic system is based on private ownership and individual decision-making?

• socialism

• capitalism

• communism

• feudalism

Which economic system is controlled by the government and central planning?

• command economy

• capitalist economy

• market economy

• mixed economy

Which economic system combines elements of both market and command economies?

• socialist economy

• free market economy

• planned economy

• mixed economy

Which economic system is based on customs, traditions, and barter?

• market economy

• command economy

• traditional economy

• mixed economy

In a market economy, who determines the prices of goods and services?

• Supply and demand

• Consumers

• Producers

• Government

In a command economy, who determines the prices of goods and services?

• government

• market forces

• producers

• consumers

In a mixed economy, who determines the prices of goods and services?

• Supply and demand

• Producers

• Government

• Consumers

Which economic system allows for the greatest individual freedom and competition?

• communism

• feudalism

• capitalism

• socialism

Which economic system provides the most equal distribution of resources?

• socialism

• feudalism

• communism

• capitalism