WorksheetsEconomic Systems Quizs
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
A dam that will benefit farmers by providing irrigation, but the cost to each farmer outweighs the benefit creates a
a)
market failure.
b)
flooding problem.
c)
loss of economic freedom.
d)
public good.
2.
What is the function of an economic system?
a)
To makes sure all people have equal access to goods
b)
To organize a society's production and distribution of resources.
c)
To give all producers the same access to consumers
d)
To make sure people are paid for their labor
3.
People who believe economies should be mixed are often decisively labeled as
a)
socialists.
b)
fascists.
c)
communists.
d)
all of the above.
4.
When the government dictates the economy, it is a
a)
traditional economy.
b)
command economy.
c)
market economy.
d)
mixed economy.
5.
In a free enterprise system, who determines what to produce?
a)
the consumer
b)
the entreprenuer
c)
the government
d)
the regulators
6.
A shared good or service for which it would be inefficient or impractical to make consumers pay individually is call as
a)
consumer good.
b)
durable good.
c)
public good.
d)
capital good.
7.
When does the dam become a public good?
a)
When private companies decides to build it.
b)
If the farmers pay for the construction.
c)
When the government decides to build it.
d)
When consumers make the decision to build one.
8.
How could the Chinese economy be characterized?
a)
Free market
b)
Centrally planed
c)
Mixed but on the side of centrally planned
d)
Mixed but on the side of free market
9.
In mixed economies, the factors of production are owned
a)
publicly.
b)
privately.
c)
publicly and privately.
d)
communally.
10.
Unemployment compensation programs that help workers who lose their jobs is an example of
a)
economic freedom.
b)
economic growth.
c)
economic equity.
d)
economic security.
11.
When individuals dictate the economy, it is a
a)
traditional economy.
b)
command economy.
c)
market economy.
d)
mixed economy.
12.
Americans placing high value on freedom to make their own economic decisions is the goal of
a)
economic security.
b)
economic freedom.
c)
full employment.
d)
economic equity.
13.
In which system is the role of government to robustly regulate the market?
a)
mixed
b)
traditional
c)
market
d)
command
14.
When customs dictate the economy, it is a
a)
traditional economy.
b)
command economy.
c)
market economy.
d)
mixed economy.
15.
The free enterprise system of the United States is best described as a
a)
free market economy.
b)
traditional economy.
c)
mixed economy with limited government intervention and a great deal of economic freedom.
d)
mixed economy with equal amounts of economic freedom and government intervention.
16.
Why does the American Free Enterprise System provide a safety net?
a)
free markets tend to spread wealth unevenly.
b)
free markets always distribute resources in a fair manner.
c)
people are lazy and do not like to work.
d)
the free market solves the problem of providing public goods.
17.
What describes the role of government in a free enterprise system?
a)
Control business activities
b)
Decide what companies will be formed and then allow the managers to run them
c)
Allow individuals to operate their businesses to ways they think will maximize their profits
d)
Require companies to disclose information to consumers
18.
Program that uses cash transfers to the elderly retired and people who are disabled.
a)
TANF
b)
Social Security
c)
SNAP
d)
Medicaid
19.
One disadvantage of a mixed economy is that
a)
income is distributed so that no one is rich or poor.
b)
it produces negative externalities.
c)
some economic freedoms are not available.
d)
incentives include the profit motive and public good.
20.
One of the disadvantages of a market economy is that it
a)
does not care for those unable to compete.
b)
is innovative and makes quality products.
c)
utilizes barter in most transactions.
d)
moves towards equilibrium in the market.
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