Economy gk questions

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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?
A
Supply is determined by the government.
B
Demand depends on how much is produced.
C
Government has less control on the economy.
D
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)
A
The United States is a market economy
B
producers and consumers
C
correctchoice where buying and selling takes place
D
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?
A
To buy goods from another country
B
to trade goods to other countries
Question 4 [CLICK ON ANY CHOICE TO KNOW MCQ multiple objective type questions RIGHT ANSWER]
With Government
A
Planned Market
B
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.
A
Command Economy
B
Market Economy
C
Traditional Economy
D
Mixed Economy
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