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Understanding Economic Systems and Political Factors Quiz
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Understanding Economic Systems and Political Factors Quiz

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Questions and Answers

Which economic system involves the government owning and controlling the means of production?

  • Socialism
  • Capitalism
  • Communism (correct)
  • Global economy
  • What economic system is characterized by private property and prices determining production?

  • Socialism
  • Capitalism (correct)
  • Communism
  • Global economy
  • What term is used to describe the study of the relationship between a nation's politics and its economy?

  • Economic analysis
  • Global economy
  • Economic politics
  • Political economy (correct)
  • Which economist is associated with the theory of capitalism and the 'invisible hand'?

    <p>Adam Smith</p> Signup and view all the answers

    What term is used to describe the study of the relationship between a nation's politics and its economy?

    <p>Political economy</p> Signup and view all the answers

    What type of economy involves the majority of resources being owned and controlled by the government?

    <p>Command economy</p> Signup and view all the answers

    Which economist is associated with the theory of capitalism and the 'invisible hand'?

    <p>Adam Smith</p> Signup and view all the answers

    What type of economy involves the majority of resources being owned and controlled by the government?

    <p>Communism</p> Signup and view all the answers

    Which economic system is characterized by private property and prices determining production?

    <p>Capitalism</p> Signup and view all the answers

    What term is used to describe the economic system where the government owns and controls some, but not all, of the means of production?

    <p>Mixed economy</p> Signup and view all the answers

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