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?

Identify the Economic System Quiz

Quiz
•
Financial Education
•
Professional Development
•
Medium

Melani Rose Lippard
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market
Command
Mixed
Traditional
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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