Economic Systems Quiz

(a)   is associated with Adam Smith.

• Command
• Mixed
• Traditional
• Market

In which economic system does the government stay out of economic matters?

• Command

• Mixed

• Traditional

• Market

Match the following economic systems with their descriptions.

• An economy based on customs and traditions

• Market

• An economy where supply and demand determine prices

• Traditional

• An economy where the government makes all decisions

• Mixed

• An economy combining private and public enterprises

• Command

In which economic system do producers produce products according to supply and demand but must follow government regulations?

• Market

• Mixed

• Traditional

• Command

Which economic system revolves around family and tends to remain stagnant and resistant to change?

• Market

• Mixed

• Command

• Traditional

Match the following economists with their associated economic systems:

• Command Economy

• Milton Friedman

• Monetarism

• Adam Smith

• Capitalism

• John Maynard Keynes

• Mixed Economy

• Karl Marx

(a)   is sometimes called the "free market".

• Command
• Mixed
• Traditional
• Market

In which economic system do citizens have very little freedom and no private property?

• Market

• Mixed

• Traditional

• Command

Which economic system is particularly vulnerable to environmental disasters?

• Market

• Mixed

• Command

• Traditional

In which economic system does competition and profit drive everything?

• Command

• Mixed

• Traditional

• Market