#1
Which of the following is a characteristic of a command economy?
Private ownership of property
Government control over resource allocation
Free market forces determine prices
Consumer sovereignty
#2
In a market economy, prices are primarily determined by:
Government regulations
Supply and demand forces
Central planning committees
Resource allocation boards
#3
Which economic system relies heavily on custom and tradition to determine resource allocation?
Command economy
Market economy
Traditional economy
Mixed economy
#4
What economic system is characterized by the absence of government intervention?
Market economy
Traditional economy
Mixed economy
Command economy
#5
Which economic system emphasizes stability and continuity in resource allocation?
Market economy
Mixed economy
Command economy
Traditional economy
#6
Which economic system is characterized by a high degree of government intervention in resource allocation?
Market economy
Mixed economy
Traditional economy
Command economy
#7
Which of the following is a feature of a traditional economy?
Use of barter system
Government ownership of resources
Private property rights
Market-driven prices
#8
Which economic system is characterized by a mix of government intervention and market forces?
Command economy
Free market economy
Mixed economy
Traditional economy
#9
What is a primary goal of a traditional economy?
Maximizing profits
Efficient resource allocation
Preserving cultural customs and traditions
Promoting technological advancements
#10
What is the primary role of entrepreneurs in a market economy?
To ensure equal distribution of resources
To maximize government control
To innovate and take risks
To regulate prices
#11
In a mixed economy, who typically owns and controls the factors of production?
Government only
Private individuals only
Both government and private individuals
International organizations
#12
Which economic system typically has the highest degree of income equality?
Market economy
Command economy
Traditional economy
Mixed economy
#13
What is a key characteristic of a free market economy?
Government ownership of resources
Centralized decision-making
Limited government intervention
Equal distribution of wealth
#14
In a command economy, who primarily determines what goods and services are produced?
Consumers
Producers
Government authorities
Market forces
#15
Which of the following is a feature of a market economy?
Centralized government planning
Limited individual freedom
High income equality
Entrepreneurial freedom
#16
Which of the following is a disadvantage of a command economy?
Efficient allocation of resources
Incentive for innovation
Lack of consumer choice
Income inequality
#17
Which economic system tends to prioritize collective well-being over individual freedom?
Command economy
Market economy
Mixed economy
Traditional economy
#18
What is a significant drawback of a traditional economy in today's globalized world?
Inefficient resource allocation
Rapid technological advancements
High income inequality
Lack of cultural preservation
#19
In a mixed economy, what typically guides resource allocation for public goods and services?
Supply and demand
Centralized government planning
Traditional customs
Consumer preferences