Economics Quiz Lesson 2 Economic Systems

What are the three basic types of economic systems?

• Developed, developing, mixed

• Traditional, command, market

• Communist, capitalist, socialist

• Primary, secondary, tertiary

Which economic system is based on private ownership, free trade, and competition?

• Command economy

• Mixed economy

• Traditional economy

• Market economy

What is another name for the U.S. economic system?

• Market economy

• Traditional economy

• Command economy

• Mixed economy

What are public goods?

• Goods and services provided by retail industries

• Goods and services provided by private businesses

• Goods and services provided by developing countries

• Goods and services provided by the government for public consumption

Which industries focus on growing crops and raising livestock?

• Agricultural industries

• Service industries

• Manufacturing industries

• Wholesale industries

What are developed countries?

• Countries with strong economies and a high quality of life

• Countries with weak economies and a lower quality of life

• Countries with less productive economies and a lower quality of life

• Countries with a high level of industrialization

What is the value of all goods and services produced within a country in a single year called?

• Human Development Index (HDI)

• Industrialization

• Opportunity cost

• Gross domestic product (GDP)

Which industries make finished products from raw materials?

• Service industries

• Wholesale industries

• Manufacturing industries

• Agricultural industries

What is the economic system in which few limits are placed on business activities?

• Traditional economy

• Mixed economy

• Command economy

• Market economy

How are public goods paid for?

• Through taxes

• Through private donations

• Through international aid

• Through government loans