#1
Which of the following is a characteristic of a traditional economic system?
#2
In a market economy, prices are primarily determined by:
#3
In a mixed economy, who typically owns and controls the means of production?
#4
Which economic system places a high value on equality and social welfare?
#5
Which economic system is characterized by the absence of private ownership of resources and central planning by the government?
#6
Which economic system advocates for public ownership of resources and centralized planning?
#7
Who is often considered the father of modern economics due to his work 'The Wealth of Nations'?
#8
What is the primary role of the Federal Reserve System in the United States?
#9
Which economic system advocates for minimal government intervention and emphasizes individual freedom?
#10
Which of the following is a characteristic of a command economy?
#11
Which economic system allows for a significant degree of government intervention while still retaining some elements of free market capitalism?
#12
What economic term describes a situation where the quantity of goods and services supplied exceeds the quantity demanded?
#13
Which economic system relies on the principles of supply and demand to determine prices and production?
#14
Which economic system features both private ownership of resources and government intervention in the economy?
#15