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Types of Economies

Quiz by Erik Szymanski

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10 questions
Show answers
  • Q1
    Bartering would be common in which type of economic system?
    None
    Traditional
    Command
    Market
    45s
  • Q2
    An economic system in which economic decisions are made based on customs and beliefs.
    Traditional
    45s
  • Q3
    An economic system in which all economic decisions are made by the government.
    Command
    45s
  • Q4
    An economic system in which economic decisions are based on the changes in supply and demand.
    Market
    45s
  • Q5
    People and businesses own most resources and determine what and how to produce, but the government often regulate industries.
    Command
    Market
    Mixed
    Traditional
    45s
  • Q6
    A disadvantage of this economic system is that there are no incentives or rewards for workers who excel.
    Traditional
    Market
    Command
    Mixed
    45s
  • Q7
    An advantage in this system is that everyone knows what role to play so there is no confusion.
    Market
    Mixed
    Command
    Traditional
    45s
  • Q8
    Consumers wants and needs are the focus of this economic system?
    Command
    Market
    Traditional
    30s
  • Q9
    A disadvantage of this economic system is that it often puts profits ahead of the consumers or people.
    Command
    Traditional
    Market
    45s
  • Q10
    Most countries in the world today have mixture of these two economic systems?
    Command and Traditional
    Traditional and Market
    Market and Traditional
    Market and Command
    45s

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