Economic Systems Quiz

Which economic system is based on customs, traditions, and beliefs?

• Command economy

• Capitalist economy

• Mixed economy

• Traditional economy

In which economic system does the government make all the economic decisions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which economic system allows individuals and businesses to make their own economic decisions?

• Traditional economy

• Market economy

• Mixed economy

• Command economy

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

• Socialist economic system

• Planned economic system

• Free market system

• Mixed economic system

In a traditional economic system, how are resources allocated?

• Based on random selection

• Based on government regulations

• Based on customs, traditions, and beliefs

• Based on individual preferences

In a command economic system, who makes the economic decisions?

• Individuals and private companies

• Foreign governments

• Random selection of citizens

• The government or a central authority

In a market economic system, how are prices determined?

• By government regulations

• By random chance

• By the cost of production

• By the interaction of supply and demand

Which economic system allows for private ownership of property and businesses?

• Communism

• Feudalism

• Capitalism

• Socialism

In a mixed economic system, who makes the economic decisions?

• Both the government and private individuals or businesses

• Only the government

• A committee of experts

• Only private individuals or businesses

Which economic system is most commonly found in modern countries?

• Barter economy

• Mixed economy

• Traditional economy

• Command economy