#1
Which of the following is a characteristic of a market economy?
Private ownership of property
ExplanationIndividuals own resources and can allocate them freely.
#2
What is the primary feature of a traditional economic system?
Reliance on customs and traditions
ExplanationEconomic decisions are based on long-standing cultural practices.
#3
Which of the following is a key feature of a command economy?
Centralized planning by the government
ExplanationGovernment plans and controls production.
#4
What economic system is characterized by a combination of private and government ownership of resources?
Mixed economy
ExplanationBoth private and public sectors coexist in resource ownership.
#5
Which economic system relies heavily on supply and demand to determine prices?
Market economy
ExplanationPrices are set by interactions of supply and demand.
#6
Which economic system is characterized by collective ownership of the means of production?
Socialism
ExplanationResources are owned and managed collectively by the society.
#7
In which economic system does the government play a significant role in regulating and controlling economic activities?
Command economy
ExplanationGovernment makes major decisions and controls production.
#8
Who is often considered the father of modern economics?
Adam Smith
ExplanationAdam Smith's works laid the foundation of modern economics.
#9
In which economic system do consumers and producers have the most influence on what goods and services are produced?
Market economy
ExplanationSupply and demand dynamics determine production.
#10
Who wrote the influential book 'Das Kapital'?
Karl Marx
ExplanationKarl Marx's work criticized capitalist economies.
#11
Which economist is known for his work on the concept of 'invisible hand' in a market economy?
Adam Smith
ExplanationAdam Smith argued that self-interest leads to societal benefit.
#12
What is the primary goal of a capitalist economic system?
Efficient allocation of resources
ExplanationEfficient distribution of resources to satisfy needs and wants.
#13
What economic concept is associated with the idea of 'opportunity cost'?
Scarcity
ExplanationThe value of the next best alternative forgone.
#14
What economic system prioritizes the welfare of society over individual profit?
Socialism
ExplanationFocuses on equitable distribution and collective welfare.
#15
Which economic system is often associated with the term 'crony capitalism'?
Market economy
ExplanationCharacterized by close relationships between businesses and government.