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Economic Systems
Economic Systems
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StudBud Administration
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An #economics quiz for understanding the basics of #economic systems.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The government owns some, but not all basic resources under which system?
Communism (command)
Traditionalism (trade)
Market Economy
Socialism (mixed)
2
Which system allows for NO ownership of private property?
Socialism
Communism
Capitalism
Feudalism
3
Which economic system is based on following established customs?
Market
Traditional
Command
Mixed
4
"Does not try to ensure maximum productivity" is a disadvantage of what economic system?
Mixed
Traditional
Market
Command
5
What economic system is based mainly on personal choice?
Capitalism/Free Market
Mixed
Traditional
Command
6
The term "laissez faire" means
Government isn't involved
Government must raise taxes
Follow traditions of the past
7
What system involves having the government make most economic decisions?
Mixed
Traditional
Market
Command
8
Which of the following is an advantage of command economies?
The economy attempts to provide for everyone's needs.
Problems like shortages and surpluses are rare.
The survival of the people is ensured.
Decisions are well informed by consumers and producers.
9
"Centrally Planned" is another term for what economic system?
Command
Traditional
Mixed
Market
10
In a market economy the real power is held by
People
Government
