World Geography Quiz: Economic Systems

Which economic system is most likely to have a high degree of economic freedom and individual choice?

• Traditional

• Free enterprise

• Socialist

• Communist

What is a disadvantage of a traditional economic system?

• It hinders the progress and development of the society.

• It promotes the efficient use of resources and technology.

• It fosters the economic growth and innovation of the country.

• It preserves the cultural heritage and values of a society.

Which economic system is most likely to have a high degree of cultural diversity and social cohesion?

• Traditional

• Free enterprise

• Socialist

• Communist

Which economic system is most likely to have a high degree of economic equality and social welfare?

• Traditional

• Free enterprise

• Socialist

• Communist

Which of the following is a benefit of a socialist economic system?

• It provides a high level of public goods and services to the people.

• It allows a high degree of market flexibility and efficiency.

• It respects the cultural diversity and identity of the people.

• It enhances the political stability and democracy of the country.

Which economic system is most likely to have a low degree of political stability and civil rights?

• Traditional

• Free enterprise

• Socialist

• Communist

Which of the following countries is an example of a free enterprise economic system?

• Cuba

• Singapore

• Venezuela

• North Korea

Which of the following countries is an example of a traditional economic system?

• China

• Sweden

• United States

• Bhutan

Which economic system relies on the forces of supply and demand to determine the prices and quantities of goods and services?

• Traditional

• Free enterprise

• Socialist

• Communist

Which economic system is most likely to have a high degree of government intervention and regulation?

• Traditional

• Free enterprise

• Socialist

• Communist