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Ecocccnomic system

Quiz by Danica B

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10 questions
Show answers
  • Q1
    Which of the following best describes a command economy?
    An economic system where the government makes all decisions regarding the production and distribution of goods
    A market-driven economy where supply and demand dictate production
    An economic system based solely on agricultural practices
    A barter system without monetary transactions
    30s
  • Q2
    What is a characteristic feature of a mixed economy?
    A system based entirely on barter transactions
    No government intervention at all
    Complete government ownership of all resources
    Combination of both private and government enterprise
    30s
  • Q3
    Which economic system is primarily characterized by private property and free markets?
    Communism
    Capitalism
    Socialism
    Feudalism
    30s
  • Q4
    What is the primary goal of a traditional economy?
    To fulfill the basic needs of the community through established practices
    To achieve rapid industrial growth
    To promote free trade among nations
    To maximize profits and wealth accumulation
    30s
  • Q5
    What is the main feature of a socialist economy?
    A lack of government involvement in economic affairs
    The means of production and distribution are owned or regulated by the state
    A system based entirely on free market principles
    Private ownership of all businesses
    30s
  • Q6
    In an oligopoly, how is the market structure primarily defined?
    A single firm controlling the entire market
    A market dominated by a small number of firms
    Firms that cannot influence market prices
    Many firms competing with equal market share
    30s
  • Q7
    What distinguishes a barter system from a monetary economy?
    The use of currency to facilitate trade
    The direct exchange of goods and services without a medium of exchange
    Trade that relies solely on government regulation
    A system where all transactions are recorded digitally
    30s
  • Q8
    What is meant by the term 'invisible hand' in economics?
    The self-regulating nature of the marketplace where individuals pursuing their own interests unintentionally benefit society
    The idea that all economic decisions should be made by a central authority
    A method of balancing supply and demand
    Government intervention to control the economy
    30s
  • Q9
    Which of the following best describes a planned economy?
    An economic system where decisions regarding production and investment are made by a central authority
    A market with multiple competing producers influencing prices
    A system where all transactions are voluntary and market-based
    An economy driven solely by supply and demand
    30s
  • Q10
    What is the primary purpose of fiscal policy in an economy?
    To influence the economy through government spending and taxation
    To regulate the money supply in circulation
    To manage trade relationships with other countries
    To control inflation through interest rates
    30s

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