#1
Which of the following is a characteristic of a command economy?
Private ownership of property
Government control of production
Free market competition
Consumer sovereignty
#2
Who is considered the father of capitalism?
Karl Marx
Adam Smith
John Maynard Keynes
Milton Friedman
#3
Which of the following is a feature of a mixed economy?
Complete government control of production
Private ownership of property only
Absence of government intervention
Combination of private and public ownership
#4
In which type of economy are prices determined by supply and demand?
Command economy
Market economy
Traditional economy
Socialist economy
#5
Which of the following is a characteristic of a traditional economy?
Rapid technological innovation
Government ownership of businesses
Reliance on customs and traditions
Free market competition
#6
Which country is often associated with a decentralized government structure?
China
Germany
United Kingdom
United States
#7
Which economic system is based on the principle of 'from each according to his ability, to each according to his needs'?
Capitalism
Socialism
Communism
Mixed economy
#8
Which country is often cited as an example of a successful socialist economy?
United States
Sweden
Japan
Singapore
#9
Which economic system is characterized by a lack of private property and central planning by the government?
Capitalism
Socialism
Communism
Market economy
#10
Who proposed the theory of the invisible hand in economics?
John Maynard Keynes
Karl Marx
Adam Smith
Friedrich Hayek
#11
In which economic system does the government play a minimal role?
Socialism
Market economy
Communism
Mixed economy
#12
Which economist is known for his work on the theory of comparative advantage?
John Maynard Keynes
Adam Smith
David Ricardo
Milton Friedman
#13
What is a characteristic of a market economy?
Centralized planning by the government
Private ownership of property
Equal distribution of wealth
Collective ownership of the means of production
#14
Which of the following is NOT a role of government in a market economy?
Regulating businesses
Providing social welfare programs
Controlling prices
Enforcing contracts
#15
What is the primary goal of a centrally planned economy?
Maximizing individual freedom
Achieving income equality
Encouraging entrepreneurial innovation
Promoting consumer sovereignty
#16
In which economic system are prices typically determined by a combination of supply and demand and government intervention?
Market economy
Command economy
Mixed economy
Communist economy
#17
Which economic system emphasizes the abolition of private property and the class system?
Capitalism
Socialism
Communism
Market economy