Economic Systems 3.15 - 2025 Quiz

Which economic system allows individuals to own businesses, set their own prices, and compete freely for customers?

• Communism

• Capitalism

• Socialism

• Government-Controlled Economy

Match the following descriptions with the type of economy they describe.

• Free market economy

• Private businesses compete to sell goods and services

• Welfare state

• The government controls all production and prices

• Command economy

• The government provides free education and healthcare

• State-controlled economy

• Only government-approved businesses are allowed to operate

Which individual is most likely to thrive in a capitalist system?

• Elon Musk (CEO of Tesla & SpaceX)

• Karl Marx (Philosopher and Economist)

• Che Guevara (Revolutionary Figure)

• Joseph Stalin (Historical Soviet Leader)

Tony Stark (Iron Man) is the CEO of Stark Industries, a company known for its innovative and high-tech products. Which economic system supports the operation of such privately-owned businesses?

• Communism

• Socialism

• Capitalism

• Feudalism

What motivates businesses in a capitalist economy to continually enhance their products?

• To receive accolades from the government

• To stay competitive and increase profits

• To raise prices for consumers

• Due to government mandates

In the movie Black Panther, Wakanda has exclusive control over the world's supply of Vibranium. How would you classify this economic system?

• Capitalism

• Socialism

• Communism

• Free Market

In Country Z, the government provides free healthcare, college, and public services. This system is called (a)   .

• Socialism

• Capitalism

• Communism

• Fascism

Match the following scenarios with their economic systems.

• Socialism: Government ensures healthcare is accessible to everyone

• McDonald's sets its own food prices

• Capitalism: Businesses independently determine their pricing strategies

• The Canadian government provides free healthcare to all citizens

• Capitalism: Large corporations receive financial incentives from the government

• Amazon competes with Walmart in online shopping

• Capitalism: Companies compete in the market to attract consumers

• The U.S. government gives tax breaks to large corporations

In the world of SpongeBob SquarePants, Mr. Krabs owns the Krusty Krab. How would this scenario differ under a socialist system?

• Yes, all businesses are owned by the government

• No, private businesses can exist, but major industries are government-controlled

• No, because fast food is banned in socialism

• Yes, because everyone receives free burgers

In this economic system, the state has ownership of all businesses, regulates employment, and determines consumer purchases. This system is known as (a)  

• Socialism

• Capitalism

• Communism

• Fascism