Economic Systems Quiz

What are the three economic questions that every country must answer?

• What to produce, How to produce, For whom to produce

• When to produce, Where to produce, Why to produce

• How to sell, Where to sell, Who to sell to

• What to buy, How to buy, From whom to buy

How do members of a traditional economy trade goods?

• Using money

• Through bartering

• By credit cards

• With digital currency

In a traditional economy, economic decisions are made based on what?

• Government policies

• Market trends

• Cultural traditions and beliefs

• Scientific research

How does a command economic system answer the three economic questions?

• Through individual choices

• By government controls everything

• By market demand

• Through private businesses

Most democratic countries have elements of which two economic systems?

• Traditional and Command

• Command and Market

• Market and Traditional

• Socialist and Traditional

What type of economic system is found in South Africa, Nigeria, and Kenya?

• Traditional

• Command

• Mixed

• Market

What role does South Africa's government play in its economy?

• Controls all businesses

• Limited role with few regulations like postal service and some oil and gas companies

• No role at all

• Controls only the agricultural sector

Which African country has the strongest economy?

• Kenya

• Nigeria

• South Africa

• Egypt

Which resource is the most important to Nigeria's economy?

• Gold

• Oil

• Diamonds

• Coal

Why do you think some government control is necessary in every economy?

• To ensure fairness and stability

• To eliminate all private businesses

• To increase taxes

• To control all resources