Economic Systems Quiz

What type of economy allows businesses to operate with little to no government interference?

• Command economy

• Free market economy

• Mixed market economy

• Traditional economy

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DOK Level 1: Recall

In which type of economy does the government make all the decisions regarding production and distribution of goods and services?

• Free market economy

• Command economy

• Mixed market economy

• Traditional economy

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DOK Level 1: Recall

Which economy is characterized by a combination of private and public ownership and economic intervention?

• Free market economy

• Command economy

• Mixed market economy

• Traditional economy

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DOK Level 1: Recall

In a free market economy, who determines what goods should be produced?

• The government

• The consumers

• A central planning committee

• International trade agreements

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DOK Level 1: Recall

What is a key feature of a command economy?

• Market forces control the economy

• Government decisions control the economy

• Consumers and producers make all the economic decisions

• There is a high level of import and export

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DOK Level 1: Recall

Which of the following best describes a mixed market economy?

• Total governmental control of economic activities

• No government intervention in economic activities

• Government and private businesses jointly make economic decisions

• The economy is based solely on traditional customs and beliefs

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DOK Level 1: Recall

In a free market economy, prices of goods and services are determined by:

• The government

• Supply and demand

• International regulators

• Fixed price lists

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DOK Level 1: Recall

Which characteristic is typical of a command economy?

• High levels of competition among businesses

• Economic decisions made by individual consumers

• Centralized control over economic resources

• Free trade agreements with other countries

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DOK Level 1: Recall

A mixed market economy features:

• Complete government regulation with no private sector

• No government presence in the economy

• A blend of government intervention and free market principles

• Economic decisions made solely by foreign investors

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DOK Level 1: Recall

Who primarily decides the production levels in a free market economy?

• The president or leader of the country

• The central planning department

• Consumers and producers based on demand and supply

• International economic organizations

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DOK Level 1: Recall