Economic Systems Overview Quiz

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Which economic system relies on bartering and trading, with little surplus produced?

Planned Economy

Pure Market Economy

Traditional Economy (correct)

Communism

In which economic system is all property publicly owned, and people are paid according to their abilities and needs?

Pure Market Economy

Planned Economy

Capitalism

Communism (correct)

Which economic system involves the means of production being privately owned and operated for profit?

Traditional Economy

Capitalism (correct)

Planned Economy

Communism

Which type of economy has the government deciding everything and is mostly government controlled?

Planned Economy Signup and view all the answers

Which economic system tends to discourage new ideas and new ways of doing things?

Traditional Economy Signup and view all the answers

Which economic system has no incentive to innovate and makes it harder to work?

Planned Economy Signup and view all the answers

What type of economic system is described as a combination of capitalistic economic freedom and principles of socialistic economic control?

Mixed economy Signup and view all the answers

Which of the following refers to the lack of resources and is one of the basic economic problems?

Scarcity Signup and view all the answers

What does the term 'inferior good' refer to?

A good that sees a decrease in demand when income increases Signup and view all the answers

In economics, what does the term 'ceteris paribus' mean?

All things held constant Signup and view all the answers

What is the main reason for considering the population as a determinant of demand?

To economize resources Signup and view all the answers

What is the relationship between two complementary goods?

They are always consumed together Signup and view all the answers

What type of good is affected by the demonstration effect?

Normal good Signup and view all the answers

What does the demand curve represent?

The relationship between quantity demanded and price Signup and view all the answers

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

It increases Signup and view all the answers

Which economic system has all property publicly owned, and people are paid according to their abilities and needs?

Communism Signup and view all the answers

What does the term 'ceteris paribus' mean in economics?

All things held constant except for price Signup and view all the answers

Which economic system involves the means of production being privately owned and operated for profit?

Laissez-faire Capitalism Signup and view all the answers

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

Elasticity decreases Signup and view all the answers

Which economic system relies on bartering and trading, with little surplus produced?

Traditional Economy Signup and view all the answers

What does the demand curve represent in economics?

Quantity demanded at various prices Signup and view all the answers

What is the main reason for considering the population as a determinant of demand?

Population affects consumer preferences Signup and view all the answers

What is the relationship between two complementary goods?

They are used together in consumption Signup and view all the answers

What type of good is affected by the demonstration effect?

Veblen good Signup and view all the answers

What does the Production Possibility Frontier illustrate in economics?

The opportunity cost of producing one good over another Signup and view all the answers

What are the basic economic problems faced by traditional economies?

What to produce, how to produce, and for whom to produce Signup and view all the answers

What is the main characteristic of a planned economy or pure command economy?

Mostly government controlled with the government deciding for everything Signup and view all the answers

What is the primary disadvantage of a traditional economy?

Slow economic growth Signup and view all the answers

Which economic system makes use of antiquated equipment, tools, and systems?

Traditional economy Signup and view all the answers

What are the advantages of a planned economy or pure command economy?

Life is generally stable, predictable, and continuous Signup and view all the answers

In a market economy or pure market economy, who decides what to produce, how to produce, and for whom to produce?

Supply and demand Signup and view all the answers

Economic Systems Overview Quiz

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Questions and Answers

Which economic system relies on bartering and trading, with little surplus produced?

In which economic system is all property publicly owned, and people are paid according to their abilities and needs?

Which economic system involves the means of production being privately owned and operated for profit?

Which type of economy has the government deciding everything and is mostly government controlled?

Which economic system tends to discourage new ideas and new ways of doing things?

Which economic system has no incentive to innovate and makes it harder to work?

What type of economic system is described as a combination of capitalistic economic freedom and principles of socialistic economic control?

Which of the following refers to the lack of resources and is one of the basic economic problems?

What does the term 'inferior good' refer to?

In economics, what does the term 'ceteris paribus' mean?

What is the main reason for considering the population as a determinant of demand?

What is the relationship between two complementary goods?

What type of good is affected by the demonstration effect?

What does the demand curve represent?

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

Which economic system has all property publicly owned, and people are paid according to their abilities and needs?

What does the term 'ceteris paribus' mean in economics?

Which economic system involves the means of production being privately owned and operated for profit?

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

Which economic system relies on bartering and trading, with little surplus produced?

What does the demand curve represent in economics?

What is the main reason for considering the population as a determinant of demand?

What is the relationship between two complementary goods?

What type of good is affected by the demonstration effect?

What does the Production Possibility Frontier illustrate in economics?

What are the basic economic problems faced by traditional economies?

What is the main characteristic of a planned economy or pure command economy?

What is the primary disadvantage of a traditional economy?

Which economic system makes use of antiquated equipment, tools, and systems?

What are the advantages of a planned economy or pure command economy?

In a market economy or pure market economy, who decides what to produce, how to produce, and for whom to produce?

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