Economic Systems Quiz

What is a Traditional Economy based on?

• Market demand and supply

• Central government decisions

• Tradition and community values

• Business investments

What is a disadvantage of a Market Economy?

• It ensures full employment

• It can lead to periods of instability with growth and recessions

• It distributes income more equally

• It relies on tradition

Which economy relies on the central government to determine what goods and services to produce?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

What is Economic Efficiency?

• The ability to make our own economic decisions without interference from the government

• The fair and just distribution of a society's wealth

• The production of more and better goods and services

• Making the most of society's resources

What does Economic Security seek to provide?

• Stability in goods and services

• Freedom from government interference

• Resources for the less fortunate members of society

• Fair distribution of wealth

Which goal of economic systems ensures that goods and services are available when needed?

• Economic Freedom

• Economic Efficiency

• Economic Growth

• Economic Stability