Economics Quiz

Each type of economies answers the three basic questions of economics ________.

• the same

• differently

Zoe is planning a community garden. What is one basic question of economics she needs to consider?

• What will be produced?

• Who acquires what goods and services?

• What resources are available?

• What is the opportunity cost?

What is a characteristic of a market economy?

• lack of choice

• individual choice

• competition

• central ownership of property

Which type of economy has central ownership and lack of individual choice?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Oliver is studying different economic systems in his class. He learns about a system where decisions are based on customs and traditions. Which type of economic system is this?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

In Emma's country, the government makes all the decisions about what goods and services are produced, how they are produced, and who gets them. What type of economy does Emma's country have?

• Command

• Market

• Mixed

• Democratic

Which type of economy is run by the businesses & business owners?

• Command

• Mixed

• Communist

• Market

In a small village, the community follows age-old customs and practices to decide how resources are distributed and what goods are produced. Which type of economy does this village represent?

• Command

• Market

• Traditional

• Mixed

In a country where the government controls all resources and production, and private ownership is not allowed, this economy would most likely have a dictator.

• Mixed

• Capitalism

• Socialism

• Communism

Which type of economy involves trading, and doesn't usually use money?

• Command

• Traditional

• Market

• Mixed