Economic Systems Quiz

What is an economic system?

• A system that involves the exchange of goods and services in a society.

• A system that involves the production, distribution, and consumption of goods and services in a society.

• A system that focuses on the production of goods and services for personal use.

• A system that only involves the distribution of goods and services in a society.

Which economic system is based on private ownership and individual decision-making?

• socialism

• communism

• feudalism

• capitalism

Which economic system is controlled by the government and central planning?

• command economy

• capitalist economy

• mixed economy

• free market economy

Which economic system combines elements of both market and command economies?

• capitalist economy

• planned economy

• socialist economy

• mixed economy

In a market economy, what determines the prices of goods and services?

• Production costs

• Supply and demand

• Government regulations

• Consumer preferences

In a command economy, who makes decisions about what to produce and how much?

• Government or central authority

• Foreign governments or international organizations

• Consumers or individuals

• Businesses or corporations

Which economic system allows for competition and entrepreneurship?

• planned economy

• mixed economy

• command economy

• market economy

Which economic system provides social welfare programs and government regulations?

• free market economy

• command economy

• capitalism

• mixed economy

Which economic system is most commonly found in democratic countries?

• command economy

• market economy

• planned economy

• mixed economy

Which economic system is characterized by limited government intervention?

• Free market capitalism

• Fascism

• Communism

• Socialism