Economic Systems Quiz

What is the primary focus of collectivism in political systems?

• Individual freedoms

• Collective goals

• Private ownership

• Market competition

Which economic system relies on supply and demand with minimal government intervention?

• Market economy

• Mixed economy

• Centrally planned economy

• Socialist economy

What is a key characteristic of totalitarian regimes?

• Free and fair elections

• Widespread political repression

• Decentralized decision-making

• High consumer choice

Which of the following best describes a mixed economy?

• No government intervention

• Blend of market and planned systems

• Purely market-driven

• Complete government control

How do political and economic systems influence international business?

• They only affect local businesses

• They simplify business operations

• They have no impact

• They determine market attractiveness

What is a defining feature of a centrally planned economy?

• State ownership of resources

• High competition among businesses

• Private ownership of resources

• Decentralized decision-making

Which country is cited as an example of a predominantly market economy?

• Cuba

• United States

• Sweden

• North Korea

What is the implication of societal culture on political economy?

• It only affects economic systems

• It shapes political systems

• It has no effect

• It eliminates individualism

What is a common trait of pseudo-democracies?

• Authoritarian elements

• High levels of civil liberties

• Direct democracy

• Complete political freedom

Which of the following statements about socialism is true?

• It promotes individual ownership

• It advocates for state ownership

• It has no historical roots

• It is synonymous with capitalism