#1
Which of the following is a characteristic of a command economy?
Government control of production
ExplanationCentralized control of economic activities.
#2
Who is considered the father of capitalism?
Adam Smith
ExplanationPioneer of the free market system.
#3
Which of the following is a feature of a mixed economy?
Combination of private and public ownership
ExplanationBlend of free market and government intervention.
#4
In which type of economy are prices determined by supply and demand?
Market economy
ExplanationPrices set by consumer preferences and seller competition.
#5
Which of the following is a characteristic of a traditional economy?
Reliance on customs and traditions
ExplanationEconomic decisions based on cultural practices.
#6
Which country is often associated with a decentralized government structure?
United States
ExplanationPower dispersed among federal and state levels.
#7
Which economic system is based on the principle of 'from each according to his ability, to each according to his needs'?
Communism
ExplanationEquality in distribution of resources.
#8
Which country is often cited as an example of a successful socialist economy?
Sweden
ExplanationStrong social welfare policies.
#9
Which economic system is characterized by a lack of private property and central planning by the government?
Communism
ExplanationState ownership and direction of resources.
#10
Who proposed the theory of the invisible hand in economics?
Adam Smith
ExplanationMarket self-regulation for societal benefit.
#11
In which economic system does the government play a minimal role?
Market economy
ExplanationLimited government intervention in economic affairs.
#12
Which economist is known for his work on the theory of comparative advantage?
David Ricardo
ExplanationAdvocated for free trade benefits among nations.
#13
What is a characteristic of a market economy?
Private ownership of property
ExplanationIndividuals own resources and production.
#14
Which of the following is NOT a role of government in a market economy?
Controlling prices
ExplanationPrices set by market forces without interference.
#15
What is the primary goal of a centrally planned economy?
Achieving income equality
ExplanationEqual distribution of wealth and resources.
#16
In which economic system are prices typically determined by a combination of supply and demand and government intervention?
Mixed economy
ExplanationMarket forces and state regulation influence pricing.
#17
Which economic system emphasizes the abolition of private property and the class system?
Communism
ExplanationElimination of private ownership and social classes.