Economic Systems Quiz

What are the three basic economic questions every society must answer due to scarcity?

• Who will produce?, What will be produced?, Where will it be produced?

• What should be produced?, How should it be produced?, & For whom will it be produced?

• Why should it be produced?, How much should be produced?, Who should produce it?

• When should it be produced?, Where should it be produced?, How should it be produced?

What shapes the economic system a society has?

• The country's political system

• The answers to the basic economic questions

• The level of technology in the society

• The cultural practices of the society

What is an economic system?

• A set of laws governing trade and commerce

• The way a society uses its scarce resources to satisfy people's unlimited wants

• A method for distributing goods and services

• A system for producing goods and services

Which of the following economic systems will you learn about in this chapter?

• Traditional economy, command economy, market economy, and "mixed" economies

• Capitalist economy, socialist economy, feudal economy, and global economy

• Barter economy, digital economy, industrial economy, and gig economy

• Informal economy, formal economy, subsistence economy, and service economy

What is a traditional economy?

• An economic system where decisions are made by the government.

• An economic system based on digital currencies and technology.

• An economic system in which families, clans, or tribes make decisions based on customs and beliefs handed down through generations.

• An economic system that relies solely on imported goods and services.

Which of the following is an example of a community with a traditional economy?

• The Inuit of northern Canada.

• A modern urban city in Europe.

• A capitalist country with a free-market system.

• A socialist society with state-owned means of production.

What activities are typically performed by men and women in tribal societies with a traditional economy?

• Men trend crops and women hunt.

• Men and women both work in factories.

• Men hunt and women trend crops.

• Men and women both work in technology-related jobs.

Who decides what goods and services will be produced in a command economy?

• Consumers

• Private companies

• The government

• Foreign investors

In a command economy, how are the wants of consumers considered?

• They are the primary focus.

• They are considered equally with government plans.

• They are rarely considered.

• They are always considered before making decisions.

What does the government own in a command economy?

• Only the financial institutions

• Only the service sector

• The means of production, including resources and factories

• Only the technology companies