A Quick Review On Economic System! Quiz

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| By NorrisJ
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NorrisJ
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Quizzes Created: 6 | Total Attempts: 9,933
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  • 1/10 Questions

    1. Which is a question that nations answer when determining their type of economic system? 

    • Who gets to consume the goods and services that are produced?
    • What goods and services will be produced?
    • How will the goods and services be produced?
    • All of the above
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About This Quiz

There are different ways societies use to ensure that limited resources can help meet the endless needs of societies. Having an economic system ensures that one knows when, how, and who to produce to meet the requirements. Do take up the quiz and get to learn some more about the main economic systems. All the best!

A Quick Review On Economic System! Quiz - Quiz

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  • 2. 

     Religion today can be credited with bringing back which economic system?

    • Traditional

    • Command

    • Market

    • Mixed

    Correct Answer
    A. Traditional
    Explanation
    Religion today can be credited with bringing back the traditional economic system. This is because many religious beliefs and practices emphasize simplicity, self-sufficiency, and communal living, which align with the principles of traditional economies. Traditional economies rely on customs, traditions, and bartering rather than market forces or government intervention. Religion often promotes values such as sharing resources, supporting local communities, and minimizing materialistic pursuits, all of which are central to traditional economic systems. Therefore, religion can be seen as a driving force in reviving and promoting traditional economic practices in today's society.

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  • 3. 

    A market economy is one in which:

    • Buyers and sellers operate according to government guidelines

    • Individuals are free to exchange in business transactions (voluntary exchange) and their economic activity sets prices

    • Stores stay open until late at night only when they are given permission

    • There is a central market committee that solves problems

    Correct Answer
    A. Individuals are free to exchange in business transactions (voluntary exchange) and their economic activity sets prices
    Explanation
    In a market economy, individuals have the freedom to engage in business transactions voluntarily. This means that buyers and sellers can interact and exchange goods and services based on their own decisions and preferences. The prices of goods and services are determined by the interactions of these individuals in the market. Unlike a command economy, where government guidelines dictate economic activities, a market economy allows for individual autonomy and the influence of supply and demand in setting prices. The other options mentioned, such as government guidelines, permission for store hours, and a central market committee, do not align with the concept of a market economy.

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  • 4. 

    Societies make the decisions to answer the 3 questions of scarcity by creating

    • Economic systems

    • Economic Choices

    • Opportunity Costs

    • Factors of Production

    Correct Answer
    A. Economic systems
    Explanation
    Societies make decisions to answer the three questions of scarcity by creating economic systems. Economic systems are the structures and mechanisms that societies use to allocate resources, produce goods and services, and distribute them among individuals. These systems determine how decisions are made, what goods and services are produced, and how they are distributed. By creating economic systems, societies can effectively address the challenges posed by scarcity and ensure the efficient allocation of resources.

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  • 5. 

    Decisions by the church elders govern the economic system used by

    • Asian countries.

    • Republicans.

    • Amish Communities.

    • Communists.

    Correct Answer
    A. Amish Communities.
    Explanation
    The correct answer is Amish Communities. The Amish are known for their strict religious beliefs and distinctive way of life. They live in close-knit communities and make decisions collectively, including those related to their economic system. The Amish practice a traditional, self-sufficient lifestyle, often relying on agriculture and craftsmanship for their livelihoods. Their economic system is based on principles of simplicity, sustainability, and community support. The church elders play a crucial role in guiding and governing this system, ensuring that it aligns with their religious beliefs and values.

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  • 6. 

    Which is a synonym for a centrally planned economic system?

    • Mixed economy

    • Specialized economy

    • Command economy

    • Pure free market economy

    Correct Answer
    A. Command economy
    Explanation
    A command economy is a synonym for a centrally planned economic system. In this type of system, the government has control over the allocation of resources, production, and distribution of goods and services. The government determines what goods and services are produced, how they are produced, and who receives them. This is in contrast to a mixed economy, which combines elements of both market and command economies, and a pure free market economy, where the market forces of supply and demand determine the allocation of resources.

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  • 7. 

    The traditional system generally keeps economic customs by passing them

    • In books.

    • On the Internet

    • Government programs

    • Word of mouth.

    Correct Answer
    A. Word of mouth.
    Explanation
    The traditional system of passing economic customs typically relies on word of mouth, meaning that information and practices are transmitted through oral communication from person to person. This method has been used for generations and is often seen in communities where written records may be limited or nonexistent. It involves sharing knowledge, experiences, and advice through conversations, storytelling, and informal gatherings, allowing customs to be preserved and passed down through generations.

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  • 8. 

    On January 1, 2014, the U.S. government will ban sales of new incandescent (old, normal bulbs) light bulbs over a certain wattage. They are doing this to encourage energy saving by the newer types of bulbs.  This regulation is an example of __________________________in the U.S. capitalist system

    • Mixed command

    • Mixed tradition

    • Mixed communism

    • Mixed environmentalism

    Correct Answer
    A. Mixed command
    Explanation
    This regulation is an example of mixed command in the U.S. capitalist system because it involves government intervention in the market by imposing a ban on certain products. In a mixed command system, the government plays a role in regulating and controlling certain aspects of the economy, alongside private ownership and market forces. In this case, the government is using its authority to promote energy-saving practices by prohibiting the sale of certain types of light bulbs.

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  • 9. 

    When building a house or barn, the Amish use only hand tools, and drill holes for wooden pegs instead of using nails. These methods could be examples of the

    • What question

    • How question

    • For whom question

    • None of these

    Correct Answer
    A. How question
    Explanation
    The given correct answer is "How question" because the methods mentioned, such as using only hand tools and drilling holes for wooden pegs instead of nails, describe how the Amish build houses and barns.

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  • 10. 

    The free market system is also known by other names. Which of the following is NOT one of these?

    • Capitalism

    • Free Enterprise

    • Free Expression

    • Private Enterprise

    Correct Answer
    A. Free Expression

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  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 17, 2013
    Quiz Created by
    NorrisJ
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