Economic Systems Question Preview (ID: 35641)
Economic Systems.
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In any economy consumer's wants are unlimited, while the resources are limited. This is
a) Market Economy
b) Scarcity
c) Compromise
d)
What most nations have today. It contains parts of several types of economic systems.
a) Hands off
b) Hands on
c) Compromise
d)
A market with many buyers but only one seller
a) Pure Competition
b) Oligopoly
c) Monopoly
d)
The way society organizes the production and consumption of goods and services is
a) Hands off
b) Economic System
c) Hands on
d)
The government owns and controls most of the resources of a nation.
a) Capitalism
b) Communism
c) Socialism
d)
Where government controls most of the decisions involving what will be produced, how and for whom.
a) Compromise
b) Hands off
c) Hands on
d)
A system where people decide what decisions will be made and how they will be made.
a) Traditional
b) Capitalism
c) Socialism
d)
The rivalry among sellers in the same market to win customers.
a) Monopoly
b) Competition
c) Oligopoly
d)
Where there are only a few sellers producing a very similar product or service.
a) Pure Competition
b) Oligopoly
c) Monopoly
d)
A system that is characterized by the government making most of the decisions within the nation.
a) Communism
b) Capitalism
c) Socialism
d)
Where producers and consumers are free to operate and compete
a) Traditional
b) Socialism
c) Capitalism
d)
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