Types of Economies Quiz

Which type of economy is characterized by private ownership of resources and the use of markets to determine prices and allocate resources?

• mixed economy

• planned economy

• command economy

• market economy

In which type of economy does the government have complete control over the allocation of resources and the production of goods and services?

• Command economy

• Capitalist economy

• Mixed economy

• Free market economy

Which type of economy combines elements of both market and command economies?

• capitalist economy

• socialist economy

• planned economy

• mixed economy

In which type of economy are resources owned and controlled by individuals and businesses, with limited government intervention?

• Socialist economy

• Mixed economy

• Command economy

• Market economy

Which type of economy aims to achieve economic equality by distributing wealth and resources equally among the population?

• Communist economy

• Socialist economy

• Capitalist economy

• Feudal economy

Which type of economy is driven by supply and demand, with prices determined by the interaction of buyers and sellers in the market?

• Mixed economy

• Command economy

• Traditional economy

• Market economy

In which type of economy does the government play a significant role in regulating and controlling some economic activities while allowing the free market to operate?

• free market economy

• command economy

• mixed economy

• capitalist economy

Which type of economy is based on the principles of individual freedom, private property rights, and profit motive?

• planned economy

• mixed economy

• market economy

• command economy

Which type of economy is characterized by public ownership of resources and the means of production?

• capitalist economy

• mixed economy

• free market economy

• planned economy

In which type of economy do individuals and businesses have the freedom to make economic decisions?

• command economy

• mixed economy

• planned economy

• market economy