#1
Which economic system relies on the government to make most economic decisions?
Capitalism
Socialism
Communism
Market economy
#2
In which economic system do individuals and private businesses make most economic decisions?
Capitalism
Socialism
Communism
Mixed economy
#3
What is a characteristic of a market economy?
Central planning by the government
Collective ownership of resources
Lack of competition
Decentralized decision-making by individuals and businesses
#4
In which economic system are prices typically determined by the forces of supply and demand?
Capitalism
Socialism
Communism
Mixed economy
#5
What economic system emphasizes the importance of individual profit motive and self-interest?
Capitalism
Socialism
Communism
Mixed economy
#6
What is a characteristic of a traditional economic system?
Private ownership of resources
Central planning by the government
Reliance on custom and tradition
Equal distribution of wealth
#7
Which economic system is characterized by the absence of private ownership of property and the means of production?
Capitalism
Socialism
Communism
Mixed economy
#8
Which economic system allows for the highest degree of individual freedom and private ownership of property?
Capitalism
Socialism
Communism
Mixed economy
#9
What is the primary goal of a market economy?
Equitable distribution of wealth
Maximizing government control
Maximizing profits and efficiency
Equal distribution of resources
#10
Which economic system aims to achieve a balance between state intervention and free market principles?
Capitalism
Socialism
Communism
Mixed economy
#11
In a mixed economy, economic decisions are made by:
Government only
Individuals and private businesses only
Both government and individuals/private businesses
Central authority only
#12
Which economic system is often associated with the concept of laissez-faire?
Capitalism
Socialism
Communism
Mixed economy
#13
What is a common criticism of a command economy?
Lack of economic efficiency
Overemphasis on consumer choice
High degree of income inequality
Excessive government intervention
#14
In a command economy, prices are primarily determined by:
Supply and demand
Government intervention
Market competition
Consumer preferences
#15
Which economic system advocates for the abolition of private property?
Capitalism
Socialism
Communism
Mixed economy