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“types of economic systems” Quiz

Quiz by Theresa Stewart

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10 questions
Show answers
  • Q1
    Which of the following is a characteristic of a traditional economy?
    Businesses are owned and controlled by the government.
    Economic activities are based on customs, traditions, and cultural beliefs.
    Individuals have the freedom to make their own economic decisions.
    Free market determines the allocation of resources.
    30s
  • Q2
    Which of the following is a characteristic of a command economy?
    Supply and demand determine the allocation of resources.
    Businesses are owned and controlled by the government.
    Economic activities are based on customs, traditions, and cultural beliefs.
    Individuals have the freedom to make their own economic decisions.
    30s
  • Q3
    Which of the following is a characteristic of a mixed economy?
    Businesses are owned and controlled by the government.
    Supply and demand determine the allocation of resources.
    Economic activities are based on customs, traditions, and cultural beliefs.
    Both the government and individuals play a role in making economic decisions.
    30s
  • Q4
    Which of the following are three types of economic systems.
    Planned economy, traditional economy and democratic economy
    Mixed economy, republic economy and traditional economy
    Command economy, traditional economy and market economy
    Traditional economy, democratic economy and planned economy
    30s
  • Q5
    Which two countries haves a mixed economic system?
    United Stated and Sweden
    Denmark and Jamaica
    United States and the UK
    Denmark and Cuba
    30s
  • Q6
    True/False: Some traditional economies do not use money.
    True
    False
    30s
  • Q7
    True/False: A planned economy prioritizes the social welfare of the country.
    False
    True
    30s
  • Q8
    True/False: A market economy is a combination of a command economy and a traditional economy
    True
    False
    30s
  • Q9
    A country can be classified as having a planned economy if:
    Various committees within the community are allowed to participate in the economic planning
    A few of the decisions relating to the economy are made by the government
    Every individual has a role to play in making decisions relating to the economy
    Most of the decisions relating to the economy are made by government
    30s
  • Q10
    True/False: The consumers determine what is produced and sold in a Free Market Economy
    True
    False
    30s

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