Economic systems quiz

What are the three economic systems

• Planned, market, mixed

• Traditional, communalism, Market

• National, provincial, local

In a Planned economy, citizen of the country are more productive

• False

• True

Which economic system is characterized by government control of production?

• Market economy

• Planned economy

• Mixed economy

In a Market economy, prices are determined by what?

• Tradition

• Supply and demand

• Government regulations

What is a key feature of a Mixed economy?

• Complete government ownership

• Combination of private and public enterprises

• Absence of market forces

The driving factor in a market economy is:

What is the primary goal of a Planned economy?

• Encouraging competition

• Ensuring equal distribution of resources

• Maximizing profit

Which of the following is a disadvantage of a Market economy?

• Limited consumer choice

• Income inequality

• Excessive government intervention

In which economic system do individuals have the most freedom to make economic decisions?

• Market economy

• Planned economy

• Mixed economy

What is a common characteristic of a Planned economy?

• Minimal government involvement

• Centralized decision-making

• High levels of consumer choice