Economic Systems Quiz

________ is the most basic or fundamental economic problem.

• Scarcity
• Labor
• Greed
• Capital

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• What to produce? Why to produce? Where to produce?

• How To Produce? Why to produce? Where to produce?

• For whom to produce? Why to produce? Where to produce?

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

An economic system based on equity and in which the government decides what gets made and sets prices is called a

• market economy
• traditional economy
• political economy
• command economy

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?

• Market

• Socilaism

• Mixed

• Command

Which of the following best explains a mixed economy?

• Private ownership of the factors of production and regulation of businesses by government

• Market exchanges answer all three of the big economic questions

• Family customs and traditions determine what and how to produce a good

• Government answers all three of the big economic questions

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned