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Economic Systems

Quiz by Darrin Weber

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15 questions
Show answers
  • Q1
    The United States has this type of system
    Traditional Economy
    Command Economy
    Market Economy
    30s
  • Q2
    Everyone does what people in his or her family have done
    Traditional
    Command
    Market
    30s
  • Q3
    The Government or Central Planners determine the production and distribution of goods
    Market
    Traditional
    Command
    30s
  • Q4
    This type of system can make a dramatic change in a short time
    Market
    Command
    Traditional
    30s
  • Q5
    There is little change in this type of system
    Command
    Traditional
    Market
    30s
  • Q6
    The same tools and methods are used that have been used past years
    Command
    Traditional
    Market
    30s
  • Q7
    Wages are set by the market based on scarcity of labor and demand for a skill
    Market
    Traditional
    Command
    30s
  • Q8
    This type of system allows a great deal of freedom for everyone involved
    Traditional
    Market
    Command
    30s
  • Q9
    economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
    Traditional
    Market Economy
    Command
    30s
  • Q10
    This person is considered the father of capitalism
    Karl Marx
    Thomas Paine
    Adam Smith
    30s
  • Q11
    The invisible hand in a market economy is
    Competition
    Incentive
    Price System
    30s
  • Q12
    Karl Marx wrote
    Communist Manifesto
    Wealth of Nations
    Common Sense
    30s
  • Q13
    Which of the following is NOT one of the 3 basic economic questions?
    Where should products be produced?
    Whom to produce it for?
    What to produce?
    How to produce it?
    30s
  • Q14
    An economic goal that is based on the desire of people to use resources wisely
    Economic Equity
    Economic Stability
    Economic Freedom
    Economic Efficiency
    30s
  • Q15
    An economic goal that is based on the desire of people to make their own decisions
    Economic Freedom
    Economic Efficiency
    Economic Equity
    Economic Growth
    30s

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