What Kind Of Economy Am I?

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Csavaglio
C
Csavaglio
Community Contributor
Quizzes Created: 1 | Total Attempts: 449
| Attempts: 449
Quiz Flashcard
SettingsSettings
Please wait...
  • 1/8 Questions
    In a command economy prices for goods and services are set by ... - ProProfs

    In a command economy prices for goods and services are set by ...

    • The government
    • A group of community members
    • Negotiation
    • The producers
Please wait...
About This Quiz

Explore different economic systems through 'What kind of Economy am I? ' quiz. Identify characteristics of market, command, and traditional economies, assessing key concepts like supply and demand, governmental roles, and communal governance.

What Kind Of Economy Am I? - Quiz

Quiz Preview

  • 2. 
    The Native American system of trading game for tools represents what kind of economy? - ProProfs

    The Native American system of trading game for tools represents what kind of economy?

    • Mixed economy

    • Traditional economy

    • Market economy

    • Command economy

    Correct Answer
    A. Traditional economy
    Explanation
    The Native American system of trading game for tools represents a traditional economy. In a traditional economy, goods and services are exchanged based on customs, traditions, and cultural practices rather than through a formal market system. The Native Americans relied on barter and trade to meet their needs, exchanging game they hunted for tools they needed. This system was deeply rooted in their cultural and historical practices, reflecting the traditional economic practices of their society.

    Rate this question:

  • 3. 
    The expression

    The expression "supply and demand" reflects what kind of economy?

    • Command economy

    • Traditional economy

    • Market economy

    • Mixed economy

    Correct Answer
    A. Market economy
    Explanation
    The expression "supply and demand" reflects a market economy because it refers to the interaction between buyers and sellers in determining the prices and quantities of goods and services. In a market economy, prices are determined by the forces of supply and demand, and individuals and businesses have the freedom to make their own economic decisions. This is in contrast to a command economy where the government controls the production and distribution of goods, or a traditional economy where economic decisions are based on customs and traditions. A mixed economy combines elements of both market and command economies.

    Rate this question:

  • 4. 
    Communist styles of government usually feature what kind of economy? - ProProfs

    Communist styles of government usually feature what kind of economy?

    • A mixed economy

    • A traditional economy

    • A market economy

    • A command economy

    Correct Answer
    A. A command economy
    Explanation
    Communist styles of government usually feature a command economy. In a command economy, the government has complete control over the allocation of resources and the production of goods and services. The government determines what will be produced, how it will be produced, and who will receive the products. This centralized control is a key characteristic of communist governments, where the goal is to achieve economic equality and eliminate private ownership of resources and means of production.

    Rate this question:

  • 5. 
    An economy in which a producer keeps all the profits is called ... - ProProfs

    An economy in which a producer keeps all the profits is called ...

    • A mixed economy

    • A traditional economy

    • A market economy

    • A command economy

    Correct Answer
    A. A market economy
    Explanation
    A market economy is an economic system in which producers have the freedom to keep all the profits they make. In this type of economy, the prices of goods and services are determined by supply and demand, and the government has minimal intervention. This allows producers to retain their profits and decide how to allocate them, which encourages competition and innovation.

    Rate this question:

  • 6. 
    An economy that is ruled by the people is a ... - ProProfs

    An economy that is ruled by the people is a ...

    • Market economy

    • Mixed economy

    • Traditional economy

    • Command economy

    Correct Answer
    A. Market economy
    Explanation
    A market economy is an economic system where decisions regarding production, investment, and distribution are made by the interactions of individuals and businesses in the marketplace. In this system, the government does not have significant control over the economy, and the allocation of resources is determined by supply and demand. Therefore, it can be inferred that an economy ruled by the people, where individuals and businesses make their own economic decisions, aligns with the characteristics of a market economy.

    Rate this question:

  • 7. 
    A grouping of farms governed by community leaders could be an example of ... - ProProfs

    A grouping of farms governed by community leaders could be an example of ...

    • A command economy

    • A traditional economy

    • A market economy

    • A mixed economy

    Correct Answer
    A. A traditional economy
    Explanation
    A grouping of farms governed by community leaders could be an example of a traditional economy because in a traditional economy, economic decisions are based on customs, traditions, and cultural beliefs. In this scenario, the community leaders would make decisions about what crops to grow, how to distribute resources, and how to allocate labor based on their traditional practices and values.

    Rate this question:

  • 8. 
    What type of economy do we have in the United States? - ProProfs

    What type of economy do we have in the United States?

    • A traditional economy

    • A market economy

    • A command economy

    • A mixed economy

    Correct Answer
    A. A market economy
    Explanation
    The United States has a market economy. In a market economy, the allocation of resources and production decisions are primarily determined by supply and demand in the marketplace. It is characterized by private ownership of businesses and individuals making choices based on self-interest. The government's role is limited to enforcing laws and regulations to ensure fair competition and protect consumers. In a market economy, prices are determined by the interaction of buyers and sellers in the market, and there is a high degree of economic freedom and individual choice.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 13, 2010
    Quiz Created by
    Csavaglio
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.