#1
Which of the following is a characteristic of a command economy?
Centralized government control over economic decisions
Free market competition
Equal distribution of wealth
Private ownership of means of production
#2
What is a primary characteristic of a market economy?
Central planning by the government
Private ownership of resources
Equal distribution of wealth
Strict regulation of prices
#3
Which economic system is associated with the concept of 'invisible hand'?
Command economy
Market economy
Traditional economy
Mixed economy
#4
What is a characteristic of a centrally planned economy?
Decentralized decision-making
Lack of government intervention
Private ownership of resources
Government control over resource allocation
#5
Which economic system relies heavily on barter and trade?
Command economy
Market economy
Mixed economy
Traditional economy
#6
In a traditional economy, how are economic decisions made?
By a central authority
Based on customs and traditions
By market forces
Through democratic processes
#7
Which economic system emphasizes government ownership of key industries and centralized economic planning?
Market economy
Mixed economy
Socialist economy
Free market economy
#8
Which economic system allows for both private ownership and government intervention?
Command economy
Market economy
Mixed economy
Traditional economy
#9
What is the primary role of the World Trade Organization (WTO)?
Promoting free trade and resolving trade disputes
Regulating national currencies
Implementing global environmental policies
Providing financial assistance to developing countries
#10
Which economic system is characterized by the absence of government intervention and regulation?
Command economy
Market economy
Mixed economy
Traditional economy
#11
What is one of the main criticisms of a command economy?
Inefficiency due to lack of competition
Inequality due to unequal distribution of wealth
Instability due to fluctuating market forces
Lack of government control over economic activities
#12
Which international organization primarily aims to promote economic development and cooperation among member countries?
World Bank
International Monetary Fund (IMF)
United Nations Educational, Scientific and Cultural Organization (UNESCO)
Organization of the Petroleum Exporting Countries (OPEC)
#13
Which economic theory advocates for government intervention to address market failures and ensure social welfare?
Laissez-faire economics
Keynesian economics
Supply-side economics
Monetarism
#14
What is the primary function of the World Bank?
Facilitating international trade agreements
Providing loans and grants for development projects in poorer countries
Stabilizing international currency exchange rates
Promoting global environmental sustainability
#15
Which organization aims to facilitate cooperation between oil-producing countries to stabilize oil prices and ensure a steady income for member nations?
International Monetary Fund (IMF)
World Bank
Organization of the Petroleum Exporting Countries (OPEC)
World Trade Organization (WTO)