Economic Systems Quiz

What is the essential question related to economic systems?

• How is the production of goods and services determined?

• How much money is needed for production?

• What are the types of economic systems?

• How do economic systems affect politics?

Which of the following is NOT one of the questions that determine the production of goods and services?

• What to produce?

• How to produce it?

• Who gets it?

• When to produce it?

In a traditional economy, how do people meet their basic needs?

• By using advanced technology

• By trading with other countries

• Just as their ancestors did

• By relying on government support

What type of tools and technology are used in a traditional economy?

• Advanced machinery

• Primitive tools

• Digital technology

• Automated systems

In a traditional economy, where are goods typically produced?

• In large factories

• In foreign countries

• At home (cottage industry)

• In government facilities

What is subsistence agriculture?

• Growing crops for export

• Producing crops for family use

• Using genetically modified seeds

• Large-scale commercial farming

What is the role of government in a traditional economy?

• Heavily involved in daily life

• Provides all basic needs

• Not involved in the day-to-day aspect of people’s lives

• Controls all land and resources

How is property typically owned in a traditional economy?

• Privately owned by individuals

• Owned by the government

• No private property; land/goods owned by family or village

• Owned by corporations

What is another term for a market economy?

• Command economy

• Traditional economy

• Free-enterprise

• Mixed economy

In a market economy, what determines the production of goods and services?

• Government regulations

• Consumer demand

• Business owners

• International trade