#1
Which economic system relies on the principle of laissez-faire?
Capitalism
Socialism
Communism
Mixed economy
#2
What is a characteristic of a command economy?
Private ownership of property
Decentralized decision-making
Government control of resources
Consumer sovereignty
#3
In a market economy, prices are primarily determined by:
Government regulations
Supply and demand
Labor unions
Consumer preferences
#4
Which of the following is a characteristic of a traditional economic system?
Rapid technological advancement
Centralized decision-making
Use of barter system
High level of government intervention
#5
Which economic system emphasizes the pursuit of profit and private ownership of resources?
Socialism
Communism
Capitalism
Mixed economy
#6
In a mixed economy, who primarily determines resource allocation?
Government
Consumers
Producers
Market forces
#7
What is a characteristic of a centrally planned economy?
Decentralized decision-making
Private ownership of resources
Market-driven allocation of goods
Government control of resources
#8
Which of the following is an example of a cooperative business organization?
Publicly traded corporation
Limited liability company (LLC)
Sole proprietorship
Credit union
#9
What is a distinguishing feature of a corporation?
Unlimited liability for owners
Direct control by shareholders
Limited liability for owners
No separation between owners and business entity
#10
What type of business organization has the advantage of pass-through taxation?
Sole proprietorship
Partnership
Limited liability company (LLC)
Corporation
#11
Which of the following is a characteristic of a partnership?
Limited liability for owners
Unlimited liability for owners
Double taxation
Absence of legal formalities
#12
Which type of corporation allows shareholders limited liability and centralized management?
C corporation
S corporation
Nonprofit corporation
Professional corporation
#13
What is a key feature of a sole proprietorship?
Limited liability
Multiple owners
Double taxation
Direct control by shareholders
#14
What distinguishes an LLC from a corporation?
Limited liability
Pass-through taxation
Centralized management
Unlimited liability
#15
Which economic system prioritizes social welfare and equality?
Capitalism
Socialism
Communism
Market economy
#16
In which economic system does the government own the means of production?
Capitalism
Socialism
Communism
Market economy
#17
Which economic system allows for a combination of government intervention and market forces?
Socialism
Capitalism
Communism
Mixed economy
#18
Which economic system emphasizes collective ownership and control of the means of production?
Socialism
Capitalism
Communism
Mixed economy
#19
Which economic system encourages competition but also provides for some government intervention?
Socialism
Capitalism
Communism
Mixed economy