Understanding Economic Systems

Which of the following is an economic system where the government controls the production and distribution of resources?

• A) Capitalism

• B) Socialism

• C) Mixed Economy

• D) None of the above

In which economic system do private individuals own and control the means of production?

• A) Capitalism

• B) Socialism

• C) Mixed Economy

• D) Communism

What is a Mixed Economy?

• An economy with no government intervention

• An economy with complete government control

• An economy with both private and government involvement

• An economy with only private businesses.

What method is used for exchanging goods in a traditional economy?

• Currency

• Credit

• Bartering

• Online transactions

Which of the following is an advantage of a traditional economy?

• Produces only those goods and services that are needed

• High productivity

• Rapid technological advancement

• High standard of living

Which of the following is a disadvantage of a traditional economy?

• Lower standard of living than other economies

• High technological innovation

• High productivity

• Efficient resource use.

A command economy is usually led by which type of government?

• Democratic

• Dictator or totalitarian

• Monarchy

• Anarchy

In a command economy, what is the role of the government in education?

• No involvement

• Complete control

• Partial control

• Only funding

Who among the following was a communist leader in China?

• Joseph Stalin

• Vladimir Lenin

• Mao Zedong

• Kim Jong-un

Which of the following countries is located in Latin America and is an example of a command economy?

• North Korea

• Cuba

• Soviet Union

• China