Economic Systems Quiz

What type of economic system is based on the collective or state ownership of the means of production?

• Capitalism

• Socialism

• Feudalism

• Monarchy

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DOK Level 1: Recall

Which economic system is characterized by private ownership and the free market?

• Socialism

• Communism

• Capitalism

• Totalitarianism

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In which economic system does the government have the most control over the economy?

• Capitalism

• Socialism

• Communism

• Anarchism

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What is the primary goal of communism?

• Increase private profits

• Eliminate social classes

• Promote individualism

• Encourage competition

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Which term best describes an economic system where the production, distribution, and prices are controlled by the government?

• Laissez-faire

• Capitalism

• Planned economy

• Market economy

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What is a key feature of a capitalist economy?

• Government ownership of businesses

• Central planning by the state

• Private property rights

• Equal wealth distribution

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Which system aims at distributing resources from each according to their ability to each according to their needs?

• Capitalism

• Socialism

• Communism

• Monarchism

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In which economic system are businesses primarily owned and operated by private individuals?

• Communism

• Socialism

• Capitalism

• Oligarchy

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Which of the following is NOT a characteristic of socialism?

• State ownership of key industries

• Wealth redistribution

• Free market policies

• Social welfare programs

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DOK Level 1: Recall

What does the term "proletariat" refer to in the context of communism?

• The middle class

• The ruling class

• The working class

• Business owners

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DOK Level 1: Recall