Economic Systems Quiz Prep - GJ

What do economic systems determine?

• How countries form alliances
• How students are graded
• How goods and services are made, shared, and used
• How laws are enforced

Which of the following is a type of economic system?

• Global
• Technological
• Feudal
• Command

What is a characteristic of a traditional economy?

• Driven by profit maximization
• Based on cultural beliefs and customs
• Focused only on exports
• Run by multinational corporations

What form of trade is common in traditional economies?

• Online banking
• Bartering
• Cryptocurrency
• Credit cards

Why are traditional economies uncommon in modern society?

• They are inefficient for modern economic needs
• They have excessive government control
• They require too much technology
• They depend on a digital currency system

Which two countries today still use elements of a traditional economy?

• Germany and Japan
• Bhutan and Haiti
• Canada and USA
• Mexico and France

What is subsistence farming?

• Growing food for a large-scale market
• Growing food for export
• Farming on a small scale to feed a family
• Farming with only government assistance

What is the primary goal of a market economy?

• Environmental sustainability
• Religious fulfillment
• Community support
• Profit through supply and demand

Which of the following drives prices in a market economy?

• Supply and demand
• The prime minister
• Cultural beliefs
• Religious customs

What is demand?

• The total number of suppliers
• The price set by the government
• The number of buyers who want a product
• The number of factories