Economic Systems Quiz

What is the focus of microeconomics?

• The study of the economy as a whole

• The study of individuals and their decisions

• The study of economic systems

• The study of government involvement in the economy

What is the focus of macroeconomics?

• The study of the economy as a whole

• The study of individuals and their decisions

• The study of economic systems

• The study of government involvement in the economy

What are the three questions that guide the choice of an economic system?

• What should we produce? How should we produce it? Who should produce it?

• What should we produce? How should we produce it? For whom should we produce it?

• What should we produce? How should we distribute it? Who should distribute it?

• What should we produce? How should we distribute it? For whom should we distribute it?

Which type of goods are both excludable and rival?

• Public goods

• Private goods

• Common goods

• Club goods

Which economic system relies on habit, custom, or ritual to guide the factors of production?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

In which economic system do consumers guide the factors of production?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which economic system has a central authority guiding the factors of production?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which economic system is a combination of market-based elements and government involvement?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

What are the goods that are non-excludable, but rivalrous?

• Private goods

• Common goods

• Club goods

• Public goods