Economic Systems Quiz

Which economic system is characterized by a combination of private and public ownership of resources?

• communism

• capitalism

• mixed economy

• socialism

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

• Mixed economy

• Planned economy

• Command economy

• Market economy

Which economic system is centrally planned and controlled by the government?

• Market economy

• Mixed economy

• Free market economy

• Command economy

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

• command economy

• market economy

• mixed economy

• traditional economy

In a mixed economy, who determines the allocation of resources?

• Only the government

• Both the government and the market forces

• Only market forces

• The central bank

Which economic system allows individuals to own and control resources?

• socialism

• feudalism

• communism

• capitalism

In a command economy, who makes decisions about production and distribution?

• consumers or individuals

• businesses or corporations

• foreign governments

• government or central authority

Which economic system relies on barter and trade without the use of money?

• market economy

• traditional economy

• mixed economy

• command economy

What is the main advantage of a market economy?

• Encourages government control and regulation

• Limits consumer choices

• Stifles economic growth

• Promotes competition and innovation

Which economic system provides the most economic freedom?

• Feudalism

• Capitalism

• Communism

• Socialism