Understanding Economic Systems and Political Factors Quiz

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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'?

Adam Smith 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?

Political economy Signup and view all the answers

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

Command economy Signup and view all the answers

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

Adam Smith Signup and view all the answers

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

Communism Signup and view all the answers

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

Capitalism 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?

Mixed economy Signup and view all the answers

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?

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

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

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

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

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

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

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

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

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

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