Economy Quiz

What does the Economy deal with?

• Education, Healthcare, and Governance

• Production, Distribution, and Consumption of Goods

• Entertainment, Sports, and Media

• Ecology, Environment, and Conservation

Which of the following words is NOT associated with the Economy?

• Business

• Commerce

• Resources

• Biodiversity

What is an Economic System?

• A system that only deals with the production of goods.

• A system that governs political decisions in a country.

• A system that determines how money is made and used within a country.

• A system that manages the education sector of a country.

How many broad economic systems are there that encompass all economies that have ever existed on Earth?

• 2

• 4

• 6

• 8

Which of the following terms is used to describe the broad economic systems that cover all types of economies?

• Specific terms

• Umbrella terms

• General terms

• Category terms

Which of the following is NOT one of the four broad types of economy?

• Traditional

• Market

• Command

• Global

What is a traditional economy primarily based on?

• International trade and technology

• Customs and traditions of the community

• Stock market investments

• Industrial production

Which of the following is NOT an example of a traditional economy?

• Native American communities before European colonization

• Inuit community in Greenland

• A modern urban city

• Isolated Amazonian tribes

What is a positive aspect of a traditional economy?

• High levels of technological advancement

• Rapid changes and development

• Little competition and defined community roles

• Extensive international trade

What is a negative aspect of a traditional economy?

• Too much competition

• Allows for too much growth and development

• Little to no technology and slow changes

• Over-reliance on stock markets