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Economy General knowledge (GK) Quiz
Congratulations - you have completed Economy General knowledge (GK) Quiz.
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Question 1 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER] |
Which of the following is true of a market economy but not a communist system?
Supply is determined by the government. | |
Demand depends on how much is produced. | |
Government has less control on the economy. | |
There is no voluntary exchange of goods and services. |
Question 2 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER] |
What is a market economy?(check all that apply)
The United States is a market economy | |
producers and consumers | |
correctchoice where buying and selling takes place | |
correctchoice producers are free to decide what to produce, and consumers are free to buy whatever they need and want |
Question 3 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER] |
What does export mean?
To buy goods from another country | |
to trade goods to other countries |
Question 4 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER] |
With Government
Planned Market | |
Free Market |
Question 5 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER] |
People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge. 
Command Economy | |
Market Economy | |
Traditional Economy | |
Mixed Economy |
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