Economic Systems Quiz

What is the primary goal of a market economy according to the document?

• To maintain traditions

• Equal distribution of income

• Profit for individuals

• Government control of businesses

Which economic system is characterized by decisions based on past customs and traditions?

• Market

• Command economy

• Traditional

• Mixed economy

What is a key characteristic of a command economy?

• Private ownership of property

• Decisions by tribal elders

• Government ownership of all property

• Businesses motivated by profit

Which of the following countries is an example of a market economy?

• China

• North Korea

• United States

• None of the above

How are economic decisions made in a traditional economy?

• By a central government

• Based on individual profit motives

• Following historical customs

• Through competitive markets

What are the goals of the three economic systems: Market, Traditional, and Command?

• Efficiency, freedom, and profit

• Stability, tradition, and control

• Growth, heritage, and authority

• Profit, customs, and government planning

In which economic system are you most likely to inherit your mother or father's job?

• Market

• Traditional

• Command

• Mixed

Which economic system provides the most economic freedom?

• Traditional

• Command

• Market

• Socialist

In which economic system do you have the potential to make the most money?

• Command

• Traditional

• Market

• Cooperative

What type of economic system does the Yanomamo tribe follow?

• Command system

• Market system

• Traditional system

• Mixed system