Which type of economy is characterized by private ownership of resources and competition in the marketplace?
World Geography 2.2 Learning Check Review

Quiz
•
Social Studies
•
11th Grade
•
Medium
Kenneth Schiumo, Jr.
Used 83+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
market economy
planned economy
mixed economy
command economy
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a free enterprise economy, who determines the prices of goods and services?
Government
Supply and demand
Producers
Consumers
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which type of economy is based on the principle of collective ownership and control of resources?
socialist
anarchist
communist
capitalist
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a socialist economy, who controls the means of production?
The government
The shareholders
The workers
The state or the community
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which type of economy relies on customs, traditions, and rituals to determine economic activities?
traditional economy
command economy
market economy
mixed economy
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a traditional economy, how are resources allocated?
Through market forces of supply and demand.
Based on government regulations.
By individual preferences and choices.
Based on customs, traditions, and cultural norms.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which type of economy is characterized by government ownership and control of resources?
command economy
capitalist economy
mixed economy
market economy
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