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Economic Systems
Test Description: Economic Systems
Instructions: Answer all questions to get your test result.
1) In any economy consumer's wants are unlimited, while the resources are limited. This is
A
Scarcity
B
Compromise
C
Market Economy
2) What most nations have today. It contains parts of several types of economic systems.
A
Hands on
B
Hands off
C
Compromise
3) A market with many buyers but only one seller
A
Monopoly
B
Oligopoly
C
Pure Competition
4) The way society organizes the production and consumption of goods and services is
A
Hands off
B
Economic System
C
Hands on
5) The government owns and controls most of the resources of a nation.
A
Capitalism
B
Communism
C
Socialism
6) Where government controls most of the decisions involving what will be produced, how and for whom.
A
Hands off
B
Compromise
C
Hands on
7) A system where people decide what decisions will be made and how they will be made.
A
Socialism
B
Capitalism
C
Traditional
8) The rivalry among sellers in the same market to win customers.
A
Competition
B
Oligopoly
C
Monopoly
9) Where there are only a few sellers producing a very similar product or service.
A
Monopoly
B
Pure Competition
C
Oligopoly
10) A system that is characterized by the government making most of the decisions within the nation.
A
Socialism
B
Capitalism
C
Communism
11) Where producers and consumers are free to operate and compete
A
Traditional
B
Socialism
C
Capitalism
*select an answer for all questions
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