Economic systems Quiz

What is a traditional economy primarily based on?

• Digital transactions

• Barter system

• Stock exchanges

• Credit systems

Which type of economy is most associated with a political philosophy called communism?

• Market economy

• Mixed economy

• Traditional economy

• Command economy

What is a key characteristic of a market economy?

• Limited consumer choices

• Government-controlled pricing

• Consumer and business owner control

• No competition

Which of the following best describes a mixed economy?

• Only government-owned businesses

• Only individually-owned businesses

• A combination of government and individually-owned businesses

• No businesses, only government services

What type of economic system is characterized by a centralized government controlling all economic activity?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

Which economic system is described by free market principles guiding the exchange of goods and services?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

In a (a)   , individuals exchange goods and services they need for goods and services they can provide to others.

• Traditional economy
• Command economy
• Market economy
• Mixed economy

Which economic system combines free market activity with centralized government control?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

Match the following economic systems with their descriptions.

• An economic system where a central government makes all decisions on the production and consumption of goods and services.

• Traditional economy

• An economic system combining private and public enterprises.

• Command economy

• An economic system based on supply and demand with little or no government control.

• Market economy

• An economic system where customs and beliefs shape the goods and the services the economy produces, along with the rules and manner of their distribution.

• Mixed economy

What is a common feature of a market economy?

• Minimal government intervention

• Government-run utilities

• Small community trades

• Centralized control of prices