Identify the Economic System Quiz

In a small village, people rely on customs and traditions to make economic decisions. They barter goods and services without using money. What type of economic system is this?

• Market

• Command

• Mixed

• Traditional

A country has a central authority that makes all economic decisions, including what goods should be produced, how much should be produced, and the price at which goods are sold. Which economic system does this describe?

• Market

• Command

• Mixed

• Traditional

In a nation, businesses operate freely with minimal government intervention, and prices are determined by supply and demand. What economic system is being described?

• Traditional

• Command

• Market

• Mixed

A country has a system where both private enterprise and government intervention coexist. The government regulates certain industries while others are left to the free market. What type of economic system is this?

• Traditional

• Command

• Market

• Mixed

In a rural community, economic roles are passed down from generation to generation, and people produce only what they need to survive. Which economic system does this scenario illustrate?

• Market

• Command

• Mixed

• Traditional

A government decides to nationalize major industries such as oil and gas, while allowing small businesses to operate independently. What economic system is this?

• Traditional

• Command

• Mixed

• Market

In a city, the government sets the prices for essential goods and services, but luxury items are priced based on market demand. What type of economic system is this?

• Traditional

• Command

• Mixed

• Market

A society where economic decisions are based on cultural beliefs and practices, and there is little use of technology, is an example of which economic system?

• Market

• Command

• Mixed

• Traditional

In a country, the government owns all resources and controls all aspects of production and distribution. What economic system does this describe?

• Market

• Command

• Mixed

• Traditional

A nation allows private businesses to operate freely, but the government provides social welfare programs to support the population. Which economic system is this?

• Traditional

• Command

• Mixed

• Market