What are the four main types of economic systems?

Understanding Economy and Administration

Quiz
•
Other
•
10th Grade
•
Hard
Manuel Vélez
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
traditional, digital, barter, planned
capitalist, socialist, barter, cooperative
traditional, command, market, mixed
feudal, mercantilist, barter, command
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How does monetary policy influence inflation?
Monetary policy has no effect on inflation.
Monetary policy influences inflation by adjusting interest rates and controlling the money supply.
Interest rates do not influence the money supply.
Inflation is solely determined by government spending.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of tariffs in international trade?
To increase the price of imported goods for consumers.
To eliminate competition from foreign markets.
The purpose of tariffs in international trade is to protect domestic industries and generate government revenue.
To promote international cooperation and trade agreements.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Define a mixed economy and provide an example.
A mixed economy is defined as one that only allows private businesses to operate without any regulations.
An example of a mixed economy is the United States, which has no government involvement in the economy.
An example of a mixed economy is Sweden, where both private businesses and government play significant roles in the economy.
A mixed economy is solely based on government ownership, like North Korea.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What role does the central bank play in monetary policy?
The central bank is responsible for regulating stock markets.
The central bank only manages government debt.
The central bank implements monetary policy to regulate the economy by controlling money supply and interest rates.
The central bank sets fiscal policy for the government.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How can trade deficits impact a country's economy?
Trade deficits have no effect on currency value.
Trade deficits can lead to increased foreign debt, currency depreciation, job losses, and reduced economic growth.
Trade deficits always lead to increased exports.
Trade deficits guarantee higher employment rates.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the difference between fiscal policy and monetary policy?
Fiscal policy is controlled by the central bank; monetary policy is determined by the government.
Fiscal policy is only about interest rates; monetary policy is about government spending.
Fiscal policy focuses on inflation; monetary policy focuses on unemployment.
Fiscal policy is government spending and taxation; monetary policy is central bank control of money supply and interest rates.
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