10 Questions
Which economic system involves the government owning and controlling the means of production?
Communism
What economic system is characterized by private property and prices determining production?
Capitalism
What term is used to describe the study of the relationship between a nation's politics and its economy?
Political economy
Which economist is associated with the theory of capitalism and the 'invisible hand'?
Adam Smith
What term is used to describe the study of the relationship between a nation's politics and its economy?
Political economy
What type of economy involves the majority of resources being owned and controlled by the government?
Command economy
Which economist is associated with the theory of capitalism and the 'invisible hand'?
Adam Smith
What type of economy involves the majority of resources being owned and controlled by the government?
Communism
Which economic system is characterized by private property and prices determining production?
Capitalism
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
Test your knowledge of economic systems and political factors with this quiz. Explore the differences between Communism, Capitalism, and Socialism, and understand how they impact resources, property, production, and prices. Gain insight into the wider political and economic ramifications of these systems as they relate to individual participation and government involvement.
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