Economic Systems Quiz

Which of the following is a characteristic of a free market economy?

• Central ownership of resources
• Lack of consumer choice
• Private ownership of property
• Centrally planned economy

What is the name of the economist who provided the ideological foundation for a command economy?

• John Maynard Keynes
• Adam Smith
• Karl Marx
• Milton Friedman

In a mixed economy, what is the role of the government compared to a free market economy?

• Greater role
• Smaller role
• No role
• Equal role

Which of the following is a factor of production?

• Technology
• Equity
• Security
• Entrepreneurship

Which economic system is characterized by a lack of consumer choice?

• Free market economy
• Command economy
• Mixed economy
• Traditional economy

In a traditional economy, what is one advantage?

• High levels of efficiency
• High levels of growth
• High levels of freedom
• High levels of equity

Which economic goal aims to provide a minimum standard of living for all citizens?

• Equity
• Efficiency
• Growth
• Security

What is the name of the economist who wrote 'The Wealth of Nations' and developed the study of economics as we know it today?

• Karl Marx
• Adam Smith
• John Maynard Keynes
• Milton Friedman

In a mixed economy, how does the government typically redistribute wealth?

• Through increased taxes on businesses
• Through increased taxes on consumers
• Through transfer payments
• Through decreased government spending

Which of the following is a key advantage of a free market economic system?

• Lack of variety of goods
• Lack of economic freedom
• Lack of economic efficiency
• Variety of goods