Economic System
Explore Economic Systems Quiz
Test your knowledge on various economic systems with our engaging quiz! Whether you're a student of economics or simply curious, this quiz covers key concepts like market economies, mixed systems, and planned economies.
- 9 thought-provoking questions
- Multiple choice format
- Immediate feedback on your answers
What is a feature of a market economic system?
Government intervention
Price mechanism
Government sovereignty
Low competition
What is price mechanism?
Price and quantity determined by demand and supply
Price is set by firms and government will regulate the price
Price and quantity determined by the firms and consumers with government intervention
Economic decisions are made based on demand and economic conditions
What is NOT an advantage of a market economic system?
Producers sovereignty
Bureaucracy
Competition among firms
Efficiency in production
What is a mixed economic system?
Economic decisions and pricing of goods and services are done based on firms and consumers interaction
Economic decisions and pricing are done based on the firms and consumers' interaction with government intervention
Economic decisions and pricing policies are based on economic policies
Economic decisions and pricing policies are determined by the government only
What is a disadvantage of a market economic system?
Producer sovereignty
Overconsumption of demerit goods
Positive social costs
Overproduction of merit goods
Which is NOT an advantage of a mixed economic system?
Control over distribution and consumption of harmful goods
Provision of merit goods
Distribution of goods and services to everyone in the economy
Creation of jobs to reduce unemployment
What is one of the feature of a planned economy?
Competition among firms
Less wasteful duplication of resources
Consumers freedom to choose goods and services they wish to purchase with government intervention
Presence of monopolies
Public and merit goods are provided in a planned economy.
TRUE
FALSE
Monopolies dominating the market and the presence of external costs such as pollution are very obvious in a ...
Market economic system
Mixed economic system
Planned economic system
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