Economic Systems Quiz 2024

Which three types of economic systems are compared to answer the economic questions of what to produce, how to produce, and for whom to produce?

• Traditional, command, and market economies

• Socialist, capitalist, and mixed economies

• Democratic, authoritarian, and totalitarian economies

• Agricultural, industrial, and service economies

What do countries with a mixed economic system locate on?

• A spectrum between pure market and pure command

• A scale between high regulation and low regulation

• A range between private ownership and public ownership

• A line between developed and developing economies

Which countries' economic systems are to be compared and contrasted according to the standards?

• United States, United Kingdom, France, and Germany

• China, India, Japan, and South Korea

• Brazil, Russia, India, China, and South Africa

• Australia, New Zealand, Canada, and Mexico

In which type of economic system are the goods and services produced based on the customs and traditions of the past?

• Command economy

• Market economy

• Traditional economy

• Mixed economy

Which of the following countries is an example of a mostly command economy?

• Germany

• United States

• North Korea

• South Korea

What is a characteristic of a command economy?

• Wages of workers are determined through competitive processes.

• The government makes all economic decisions.

• Goods and services are produced according to the market.

• People follow the way of life of their ancestors.

What is a characteristic of many economies in South and East Asia, as mentioned in the text?

• They have no government involvement.

• They are strictly controlled by the government.

• They are pure market economies.

• They have some government involvement.

What is expected to happen to China's economy in the next twenty years, according to the economists?

• It will become the largest economy in the world.

• It will experience a significant decline.

• It will remain the same as it is currently.

• It will lose its economic strength.

What does the text imply about market economies with the statement "there are no PURE market economies"?

• All economies are mixed to some extent.

• Pure market economies are the most common.

• No economies have any market elements.

• All economies are controlled entirely by the government.

When did India gain independence?

• 1945

• 1947

• 1950

• 1952