WorksheetsEconomic Systems Quiz
Total questions: 10
Worksheet time: 6mins
Which of the following is a key question every economic system must answer?
How to increase exports?
What to produce?
How to reduce taxes?
What is the role of technology?
In a traditional economy, what is more important than money?
Technology
Customs, traditions, and beliefs
Government policies
International trade
What type of activities are common in a traditional economy?
Manufacturing and industrial production
Farming, hunting, fishing, or gathering
Digital marketing and e-commerce
Financial services and banking
What is a major strength of a traditional economy?
Rapid technological advancement
High levels of innovation
Stability and sustainability
Strong international trade relations
What is a significant weakness of a traditional economy?
Limited innovation and growth
High levels of unemployment
Excessive government control
Over-reliance on technology
In a command economy, who makes all the economic decisions?
Private businesses
Individual consumers
The government
International organizations
In a mixed economy, what is combined?
Private and public enterprise
Command and traditional systems
Market and traditional systems
Only private enterprise
What is a characteristic of a market economy?
Decisions made by the government
Decisions made by individuals and businesses
Lack of consumer choice
Large-scale planning
What is a common effect of implementing a price ceiling?
Surpluses
Increased quality of goods/services
Shortages
Higher prices
The Communist country (a) believes in common ownership of wealth and businesses.
